Statistics for Managers Using Microsoft Excel - Chapter 1 Exam Questions Answered Correctly (Graded A+)

Statistics for Managers Using Microsoft Excel - Chapter 1 Exam Questions Answered Correctly (Graded A+) Categorical Variable (Qualitative) - Answers Any variable that is not quantitative is categorical. Categorical variables have no numerical meaning. Examples: yes/ no, Hair color, gender, field of study Numerical Variables (Quantitative) - Answers Values that represent a counted or measured quantity Discrete Variable (Quantitative) - Answers Arise from counting process e.g. number of text messages sent today Continuous variable (Quantitative) - Answers Arise from measuring process e.g. international units, minutes, kilometres e.g. how long it takes to... Datum - Answers singular form of data Data - Answers Plural noun Nominal scale of measurement - Answers is a categorical measurement classifies data into distinct categories in which no ranking is implied e.g. - what is your favorite soft drink, - your political party affiliation, and - your gender. Nominal scale of measurement - Answers Lowest of the four levels of measurement Categories that are not more or less, but are different from one another in some way Mutually exclusive and exhaustive categories Named categories Example: Gender 1 = Male 2 = Female ordinal scale of measurement - Answers Data are assigned to categories that can be ranked with this type of measurement. ordinal scale of measurement - Answers Classifies data into distinct categories Ranking is implied e.g. first, second, third ordinal scale - Answers a scale of measurement in which the measurement categories form a rank order along a continuum interval scale - Answers Ordered scale Difference between measurements is a meaningful quantity Measurements do not have a true zero point ratio scale of measurement - Answers Highest form of measurement and meets all of the rules of other forms of measurement; - mutually exclusive categories, - exhaustive categories, - ordered ranks, - equally spaced intervals, and a - continuum of values interval scale data - Answers Rating scales for subjective measures where distance is normally defined as one scale unit Example: Taste scale from 1 to 5, temperature Celsius, standardised scores ratio scale data - Answers A true zero origin exists Example: weight, age, heights, money spent, miles traveled, number of kids in household Population - Answers Contains all of the items or individuals of interest that you seek to study Full census Sample - Answers a part of the population that we actually examine in order to gather information Sampling - Answers The process of selecting representative units from a total population Allow you to characterise and make inferences about ALL of something based on looking at PART of it Sampling vs. Population - Answers Less time consuming Less costly Less cumbersome and more practical than analysing entire population Consider consequences of cutting corners Destructive Testing - Answers Test methods used to examine an object, material, or system causing permanent damage to its usefulness. Destroy what you are sampling = high cost population parameter - Answers summarizes the value of a specific variable for a population only use with population sample statistic - Answers summarizes the value of a specific variable for sample data secondary sources of data arises from the following activities - Answers - capturing data generated by ongoing business activities - distributing data compiled by an organisation or individual - most easy to access primary sources of data arises from the following activities - Answers - compiling responses from a survey - conducting a designed experiment and recording the outcomes - conducting an observational study and recording the results - takes longer to collect data secondary sources of data - collected from ongoing business activities - Answers - bank studies years of financial transactions to help them identify patterns of fraud - economists utilize data on searches done via Google to help forecast future ecomomic