Business Analytics Exam with Correct
Answers, Chapter 1-3
Business Week - Answer-Provides stats about the economy including production
indices, stock prices, mutual funds and interest rates.
Statistics - Answer-Numeral Facts (Average, Medians, Percents, and Index Numbers)
Data - Answer-Facts and figures collected, analyzed and summarized for presentation
and interpretation
Data Set - Answer-All data collected for a study
Elements - Answer-Entities on which data are collected
Variable - Answer-Characteristic of interest for the elements
Observation - Answer-Set of measurements obtained for a particular element
Nominal Measurement - Answer-Data are LABELS OR NAMES used to identify an
attribute of the element
Nominal & Ordinal Measurement - Answer-A Non-numeric label or numeric code may
be used
Ordinal Measurment - Answer-The data have the properties of nominal data and the
ORDER OR RANK OF THE DATA IS MEANINGFUL
Interval Measurement - Answer-The data have the properties of Ordinal data and the
interval between observations is expressed in terms of a fixed unit of measure. Always
numeric.
Ratio Measurement - Answer-The data have all the properties of interval data and the
RATIO OF TWO VALUES IS MEANINGFUL
Ratio Scale - Answer-Distance, Height, Weight, and Time
Ratio - Answer-This SCALE MUST CONTAIN A ZERO VALUE that indicates that
nothing exists for the variable at the zero point
Categorical Data - Answer-Labels or Names used to identify an attribute of each
element. Use either nominal or ordinal scale. Can be numeric or non
, Categorical Data is also - Answer-Qualitative Data
Quantitative Data - Answer-Indicates HOW MANY OR HOW MUCH. Always numeric
Discrete - Answer-If measuring how many
Continuous - Answer-If measuring how much
Cross-Sectional Data - Answer-Collected at the same or approx. the same point in time
Time Series Data - Answer-Collected over several time periods
Employee Records, production records, Inventory records, sales records, credit records,
customer profile - Answer-Data available for Internal Companies
Time Requirement - Answer-Searching for information can be time consuming.
Information may no longer be useful by the time it is available
Cost of Acquisition - Answer-Organizations often change for information even when it is
not their primary business activity
Data Errors - Answer-Using any data that happen to be available or were acquired with
little care can lead to misleading information
Descriptive Stats - Answer-Summaries of data which may be tabular, graphical, or
numerical, are referred to as
Average or Mean - Answer-Most common numerical descriptive statistic is
Population - Answer-set of all elements of interest in a particular study
Census - Answer-Collecting data for the entire population
Sample - Answer-Subset of the population
Sample Survey - Answer-Collecting data for a sample
Statistical Inference - Answer-Process of using data obtained from a sample to make
estimates and test hypotheses about the characteristics of a population
Data Warehousing - Answer-Organizations obtain large amounts of data on a daily
basis by means of magnetic card readers, bar code scanners, point of sale terminals,
and touch screen monitors
Data Mining - Answer-Analysis of the data in the warehouse might aid in decisions that
will lead to new strategies and higher profits for the organization.
Answers, Chapter 1-3
Business Week - Answer-Provides stats about the economy including production
indices, stock prices, mutual funds and interest rates.
Statistics - Answer-Numeral Facts (Average, Medians, Percents, and Index Numbers)
Data - Answer-Facts and figures collected, analyzed and summarized for presentation
and interpretation
Data Set - Answer-All data collected for a study
Elements - Answer-Entities on which data are collected
Variable - Answer-Characteristic of interest for the elements
Observation - Answer-Set of measurements obtained for a particular element
Nominal Measurement - Answer-Data are LABELS OR NAMES used to identify an
attribute of the element
Nominal & Ordinal Measurement - Answer-A Non-numeric label or numeric code may
be used
Ordinal Measurment - Answer-The data have the properties of nominal data and the
ORDER OR RANK OF THE DATA IS MEANINGFUL
Interval Measurement - Answer-The data have the properties of Ordinal data and the
interval between observations is expressed in terms of a fixed unit of measure. Always
numeric.
Ratio Measurement - Answer-The data have all the properties of interval data and the
RATIO OF TWO VALUES IS MEANINGFUL
Ratio Scale - Answer-Distance, Height, Weight, and Time
Ratio - Answer-This SCALE MUST CONTAIN A ZERO VALUE that indicates that
nothing exists for the variable at the zero point
Categorical Data - Answer-Labels or Names used to identify an attribute of each
element. Use either nominal or ordinal scale. Can be numeric or non
, Categorical Data is also - Answer-Qualitative Data
Quantitative Data - Answer-Indicates HOW MANY OR HOW MUCH. Always numeric
Discrete - Answer-If measuring how many
Continuous - Answer-If measuring how much
Cross-Sectional Data - Answer-Collected at the same or approx. the same point in time
Time Series Data - Answer-Collected over several time periods
Employee Records, production records, Inventory records, sales records, credit records,
customer profile - Answer-Data available for Internal Companies
Time Requirement - Answer-Searching for information can be time consuming.
Information may no longer be useful by the time it is available
Cost of Acquisition - Answer-Organizations often change for information even when it is
not their primary business activity
Data Errors - Answer-Using any data that happen to be available or were acquired with
little care can lead to misleading information
Descriptive Stats - Answer-Summaries of data which may be tabular, graphical, or
numerical, are referred to as
Average or Mean - Answer-Most common numerical descriptive statistic is
Population - Answer-set of all elements of interest in a particular study
Census - Answer-Collecting data for the entire population
Sample - Answer-Subset of the population
Sample Survey - Answer-Collecting data for a sample
Statistical Inference - Answer-Process of using data obtained from a sample to make
estimates and test hypotheses about the characteristics of a population
Data Warehousing - Answer-Organizations obtain large amounts of data on a daily
basis by means of magnetic card readers, bar code scanners, point of sale terminals,
and touch screen monitors
Data Mining - Answer-Analysis of the data in the warehouse might aid in decisions that
will lead to new strategies and higher profits for the organization.
