QMB 3200 Exam 1
statistics - Answer-the 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 - Answer-the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - Answer-data 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 - Answer-1 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 - Answer-2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires - Answer-3 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 - Answer-classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number differences. Ex. education levels
(masters, doctorate); good, better, best; freshman, sophomore, junior
, quantitative data - Answer-described by numerical values. must be counted or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar year
ratio: meaningful differences. true zero point. ex. income; percentage comparisons
time series data - Answer-values that correspond to specific measurements taken over a range of time
periods ex. 2000-2016 DJIA; unemployment from 2008-2017
cross section data - Answer-values collected from a number of subjects during a single time period. ex.
unemployment rates in 2012 across states
descriptive statistics - Answer-Collecting, summarizing, and displaying data
The majority of statistics you encounter in your day to day life are descriptive statistics
inferential statistics - Answer-making claims or conclusions about the population based on a sample
Using samples to make predictions (inferences) about populations.
parameter vs statistic - Answer-parameter- describes characteristic of a population
statistic- describes characteristic of a sample
biased samples - Answer-non-representative sample
statistics - Answer-the 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 - Answer-the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - Answer-data 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 - Answer-1 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 - Answer-2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires - Answer-3 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 - Answer-classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number differences. Ex. education levels
(masters, doctorate); good, better, best; freshman, sophomore, junior
, quantitative data - Answer-described by numerical values. must be counted or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar year
ratio: meaningful differences. true zero point. ex. income; percentage comparisons
time series data - Answer-values that correspond to specific measurements taken over a range of time
periods ex. 2000-2016 DJIA; unemployment from 2008-2017
cross section data - Answer-values collected from a number of subjects during a single time period. ex.
unemployment rates in 2012 across states
descriptive statistics - Answer-Collecting, summarizing, and displaying data
The majority of statistics you encounter in your day to day life are descriptive statistics
inferential statistics - Answer-making claims or conclusions about the population based on a sample
Using samples to make predictions (inferences) about populations.
parameter vs statistic - Answer-parameter- describes characteristic of a population
statistic- describes characteristic of a sample
biased samples - Answer-non-representative sample
