QMB 3200 Exam 1 Questions & Answers 100% Correct!
statistics - ANSWERthe mathematical science that deals with the collection, analysis, and presentation of data, which can then be used as a basis for inference and induction. Logical and intuitive. data - ANSWERthe foundation for statistics Values assigned to observations or measurements. Raw facts and figures that pertain to a measurement of interest. information - ANSWERdata that are transformed into useful facts that can be used for a specific purpose, such as making a decision, making a sale, predicting patterns, etc can be done by observing patterns or trends in data direct observation or focus group - ANSWER1 of 3 types of primary data collection direct observation: Observing subjects in their natural environment Focus group: asking a group to do something Example: Watching to see if drivers stop at a stop sign experiments - ANSWER2 of 3 types of primary data collection Treatments are applied in controlled conditions Example: Crop growth from different plots using different fertilizers surveys/questionnaires - ANSWER3 of 3 types of primary data collection Subjects are asked to respond to questions or discuss attitudes Subject to much bias Example: E-mail surveys to customers to assess service quality qualitative (categorical) data - ANSWERclassified by descriptive terms
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