MGSC 291 EXAM 1 Question and answers correctly solved 2024/2025

MGSC 291 EXAM 1 Question and answers correctly solved 2024/2025Statistics - correct answer The methodology of extracting useful information from a data set What are the two branches of statistics? - correct answer Descriptive and Inferential Descriptive Statistics - correct answer refers to the summary of a data set in the form of tables, graphs, or the calculation of numerical measures -collecting, organizing, and presenting the data Inferential Statistics - correct answer refers to extracting useful information from a sample to draw conclusions about a population Population - correct answer Consists of all items of interest Sample - correct answer A subset of the population of interest -A good sample is representative of the population Cross-sectional Data - correct answer Recording a characteristic of many subjects at the same point in time, or without regard to differences Time Series Data - correct answer Contains values of a characteristic of a subject over time