Business Analytics Exam -Chapters 1-3 with Correct Answers

Chapter 1 - Answer-Data & Statistics Statistics - Answer-The art and science of collecting, analyzing, presenting, and interpreting data. statistics refers to - Answer-numerical facts such as averages, medians, percentages, and maximums that help us understand a variety of business and economic situations. Data - Answer-The facts and figures collected, analyzed, and summarized for presentation and interpretation. Data Set - Answer-All the data collected in a particular study. Elements - Answer-The entities on which data are collected. Variable - Answer-A characteristic of interest for the elements. Observation - Answer-The set of measurements obtained for a particular element. The Scales of measurement: (More difficult as you go down the list) - Answer-Nominal Ordinal Interval Ratio Nominal - Answer-The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Nominal data may be nonnumeric or numeric. Scales of measurement can be nominal even if the data appears as - Answer-numerical values. Ordinal - Answer-The scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank o the data is meaningful. Ordinal data may be nonnumeric or numeric. Ex. AAA, AA, A, BBB, BB, B, etc. Interval - Answer-The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Interval data are always numeric. o Ex. SAT, IQ, & ACT scores Interval Scale is always - Answer-numerical. Ratio - Answer-The scale of measurement for a variable if the data demonstrate all the properties of interval data and the ratio of two values is meaningful. Ratio data are always numeric. Ratio data are always - Answer-numeric. Give a few examples of ratio data: - Answer-Distance, ratio, weight, and time. The scale of ratio data requires a (blank) value. - Answer-Zero Data can be classified as either - Answer-categorial or quantitative. Categorical Data - Answer-Labels or names used to identify an attribute of each element. Categorical data use either the nominal or ordinal scale of measurement and may be nonnumeric or numeric. Categorical data is obtained by either - Answer-nominal or ordinal scales of measurement. Quantitative Data - Answer-Numeric values that indicate how much or how many of something. Quantitative data are obtained using either the - Answer-interval or ratio scale of measurement. Categorical Variab - Answer-A variable with categorical data. Statistical analysis is limited. Quantitative Variable - Answer-A variable with quantitative data. Arithmetic operations provide meaningful results for quantitative variables.