QMB3302 UF Final Guaranteed Success
NLP ✔️✔️natural language processing
Tokenization ✔️✔️a computer turning letters and/or words into something it can read and
understand, like numbers
What is the main objective of using statistical analysis in business?
✔️✔️ The main objective of statistical analysis in business is to make informed decisions based on
data insights, improving operational efficiency and strategy.
Explain the concept of "random sampling" and its significance.
✔️✔️ Random sampling ensures that every member of a population has an equal chance of being
selected, reducing bias and improving the representativeness of results.
How do inferential statistics differ from descriptive statistics?
✔️✔️ Inferential statistics draw conclusions about a population based on sample data, while
descriptive statistics summarize and describe the data itself.
What is the meaning of "outliers" in a data set?
✔️✔️ Outliers are data points that differ significantly from other observations, potentially indicating
variability or errors in data collection.
Describe the role of a control chart in quality management.
, ✔️✔️ A control chart monitors process variation over time, helping businesses identify trends and
maintain quality standards.
What is a "type I error" in hypothesis testing?
✔️✔️ A type I error occurs when the null hypothesis is incorrectly rejected, indicating a false positive
result in the hypothesis testing process.
Why is it important to assess the reliability of a survey instrument?
✔️✔️ Assessing reliability ensures that the survey produces consistent and accurate results, leading to
trustworthy insights for decision-making.
What does it mean to have a normal distribution in a data set?
✔️✔️ A normal distribution indicates that data is symmetrically distributed around the mean, with
most observations clustering around the center.
Explain the significance of the Central Limit Theorem in statistics.
✔️✔️ The Central Limit Theorem states that the distribution of sample means approaches a normal
distribution as sample size increases, aiding in inferential statistics.
What is "data mining," and how is it used in business?
✔️✔️ Data mining involves analyzing large data sets to discover patterns and relationships, helping
businesses make strategic decisions based on insights.
How do businesses utilize regression analysis?
NLP ✔️✔️natural language processing
Tokenization ✔️✔️a computer turning letters and/or words into something it can read and
understand, like numbers
What is the main objective of using statistical analysis in business?
✔️✔️ The main objective of statistical analysis in business is to make informed decisions based on
data insights, improving operational efficiency and strategy.
Explain the concept of "random sampling" and its significance.
✔️✔️ Random sampling ensures that every member of a population has an equal chance of being
selected, reducing bias and improving the representativeness of results.
How do inferential statistics differ from descriptive statistics?
✔️✔️ Inferential statistics draw conclusions about a population based on sample data, while
descriptive statistics summarize and describe the data itself.
What is the meaning of "outliers" in a data set?
✔️✔️ Outliers are data points that differ significantly from other observations, potentially indicating
variability or errors in data collection.
Describe the role of a control chart in quality management.
, ✔️✔️ A control chart monitors process variation over time, helping businesses identify trends and
maintain quality standards.
What is a "type I error" in hypothesis testing?
✔️✔️ A type I error occurs when the null hypothesis is incorrectly rejected, indicating a false positive
result in the hypothesis testing process.
Why is it important to assess the reliability of a survey instrument?
✔️✔️ Assessing reliability ensures that the survey produces consistent and accurate results, leading to
trustworthy insights for decision-making.
What does it mean to have a normal distribution in a data set?
✔️✔️ A normal distribution indicates that data is symmetrically distributed around the mean, with
most observations clustering around the center.
Explain the significance of the Central Limit Theorem in statistics.
✔️✔️ The Central Limit Theorem states that the distribution of sample means approaches a normal
distribution as sample size increases, aiding in inferential statistics.
What is "data mining," and how is it used in business?
✔️✔️ Data mining involves analyzing large data sets to discover patterns and relationships, helping
businesses make strategic decisions based on insights.
How do businesses utilize regression analysis?
