ISDS 361A Exam 1 Questions and Answers 100% Pass

ISDS 361A Exam 1 Questions and Answers 100% Pass Statistics a way of getting information -helps make valid decisions. Data the facts and figures collected, analyzed, and summarized for presentation and interpretation information Data converted into a meaningful and useful context business decisions these include strategic decisions (very important ones which can affect the overall success of the business) Business Analytics the scientific process of transforming data into insight for making better business decisions. Data science Managing and analyzing massive sets of data for purposes such as target marketing, trend analysis, and the creation of individually tailored products and services. Descriptive statistics Data that is summarized and presented in a form that is easy for the reader to understand. -statistical information in newspapers, magazines, company reports, and other publications --summaries of data which may be tabular, graphical, or numerical. inferential statistics statistics using data from a sample to make estimates and test hypotheses about the characteristics of a population. -goes beyond the data at our disposal. -drawing conclusions. large set of data: population, which is based on smaller set of sample data. population the set of all elements of interest in a particular study. sample a subset of the population Parameter a descriptive measure of the population that is of interest. - EX: the mean, mu statistic a descriptive measure that is calculated from the sample. EX: the sample mean purpose of inferential statistics -make inferences about a parameter if a population -based on information obtained from a statistic of a sample ( with a certain degree of confidence) Data collection -to obtain a "representative sample" that exhibits the characteristics of the entire population. Sources of Data a) Primary = the CLIENT b) Secondary = all other sources which does NOT COME FROM THE client Why random sampling? targets population and eliminates