Essentials of Modern Business Statistics with Microsoft Excel Review Questions with Verified Solutions
(Graded A+)
statistics - Answers The art and science of collecting, analyzing, presenting, and interpreting data.
data - Answers The facts and figures collected, analyzed, and summarized for presentation and
interpretation.
data set - Answers All the data collected in a particular study.
elements - Answers The entities on which data are collected.
variable - Answers A characteristic of interest for the elements.
observation - Answers The set of measurements obtained for a particular element.
nominal scale - Answers 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.
ordinal scale - Answers The scale of measurement for a variable if the data exhibit the properties of
nominal data and the order or rank of the data is meaningful. Ordinal data may be nonnumeric or
numeric.
interval scale - Answers 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.
ratio scale - Answers 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.
categorical data - Answers 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.
quantitative data - Answers Numeric values that indicate how much or how many of something.
Quantitative data are obtained using either the interval or ratio scale of measurement.
categorical variable - Answers A variable with categorical data.
quantitative variable - Answers A variable with quantitative data.
cross-sectional data - Answers Data collected at the same or approximately the same point in time.
time series data - Answers Data collected over several time periods.
descriptive statistics - Answers Tabular, graphical, and numerical summaries of data.
population - Answers The set of all elements of interest in a particular study.
, sample - Answers A subset of the population.
census - Answers A survey to collect data on the entire population.
sample survey - Answers A survey to collect data on a sample.
statistical inference - Answers The process of using data obtained from a sample to make estimates or
test hypotheses about the characteristics of a population.
analytics - Answers The scientific process of transforming data into insights for making better decisions.
descriptive analytics - Answers Analytical techniques that describe what has happened in the past.
predictive analytics - Answers Analytical techniques that use models constructed from past data to
predict the future or assess the impact of one variable on another.
prescriptive analytics - Answers Analytical techniques that yield a course of action.
big data - Answers A set of data that cannot be managed, processed, or analyzed with commonly
available software in a reasonable amount of time. Big data are characterized by great volume (a large
amount of data), high velocity (fast collection and processing), or wide variety (could include
nontraditional data such as video, audio, and text).
data mining - Answers The process of using procedures from statistics and computer science to extract
useful information from extremely large databases.
data visualization - Answers The use of graphical displays to summarize and present information about a
data set.
frequency distribution - Answers A tabular summary of data showing the number (frequency) of
observations in each of several nonoverlapping categories or classes.
relative frequency distribution - Answers A tabular summary of data showing the fraction or proportion
of observations in each of several nonoverlapping categories or classes.
percent frequency distribution - Answers A tabular summary of data showing the percentage of
observations in each of several nonoverlapping classes.
bar chart - Answers A graphical device for depicting categorical data that have been summarized in a
frequency, relative frequency, or percent frequency distribution.
pie chart - Answers A graphical device for presenting data summaries based on subdivision of a circle
into sectors that correspond to the relative frequency for each class.
class midpoint - Answers The value halfway between the lower and upper class limits.
dot plot - Answers A graphical device that summarizes data by the number of dots above each data
value on the horizontal axis.
(Graded A+)
statistics - Answers The art and science of collecting, analyzing, presenting, and interpreting data.
data - Answers The facts and figures collected, analyzed, and summarized for presentation and
interpretation.
data set - Answers All the data collected in a particular study.
elements - Answers The entities on which data are collected.
variable - Answers A characteristic of interest for the elements.
observation - Answers The set of measurements obtained for a particular element.
nominal scale - Answers 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.
ordinal scale - Answers The scale of measurement for a variable if the data exhibit the properties of
nominal data and the order or rank of the data is meaningful. Ordinal data may be nonnumeric or
numeric.
interval scale - Answers 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.
ratio scale - Answers 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.
categorical data - Answers 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.
quantitative data - Answers Numeric values that indicate how much or how many of something.
Quantitative data are obtained using either the interval or ratio scale of measurement.
categorical variable - Answers A variable with categorical data.
quantitative variable - Answers A variable with quantitative data.
cross-sectional data - Answers Data collected at the same or approximately the same point in time.
time series data - Answers Data collected over several time periods.
descriptive statistics - Answers Tabular, graphical, and numerical summaries of data.
population - Answers The set of all elements of interest in a particular study.
, sample - Answers A subset of the population.
census - Answers A survey to collect data on the entire population.
sample survey - Answers A survey to collect data on a sample.
statistical inference - Answers The process of using data obtained from a sample to make estimates or
test hypotheses about the characteristics of a population.
analytics - Answers The scientific process of transforming data into insights for making better decisions.
descriptive analytics - Answers Analytical techniques that describe what has happened in the past.
predictive analytics - Answers Analytical techniques that use models constructed from past data to
predict the future or assess the impact of one variable on another.
prescriptive analytics - Answers Analytical techniques that yield a course of action.
big data - Answers A set of data that cannot be managed, processed, or analyzed with commonly
available software in a reasonable amount of time. Big data are characterized by great volume (a large
amount of data), high velocity (fast collection and processing), or wide variety (could include
nontraditional data such as video, audio, and text).
data mining - Answers The process of using procedures from statistics and computer science to extract
useful information from extremely large databases.
data visualization - Answers The use of graphical displays to summarize and present information about a
data set.
frequency distribution - Answers A tabular summary of data showing the number (frequency) of
observations in each of several nonoverlapping categories or classes.
relative frequency distribution - Answers A tabular summary of data showing the fraction or proportion
of observations in each of several nonoverlapping categories or classes.
percent frequency distribution - Answers A tabular summary of data showing the percentage of
observations in each of several nonoverlapping classes.
bar chart - Answers A graphical device for depicting categorical data that have been summarized in a
frequency, relative frequency, or percent frequency distribution.
pie chart - Answers A graphical device for presenting data summaries based on subdivision of a circle
into sectors that correspond to the relative frequency for each class.
class midpoint - Answers The value halfway between the lower and upper class limits.
dot plot - Answers A graphical device that summarizes data by the number of dots above each data
value on the horizontal axis.
