BAN 280 Exam 1: Foundations of Business Analytics
Population - correct answer ✔✔a collection of persons, objects, or items of interest
Census - correct answer ✔✔an examination of each and every measurement of the entire population
Sample - correct answer ✔✔a subset of measurements selected from the population
Parameter - correct answer ✔✔A measurement from a population
Statistic - correct answer ✔✔A measurement from a sample
continuous data - correct answer ✔✔Numerical data values that can be MEASURED
Ex. The weight, in ounces, of the apple butter poured into jars on an assembly line.
discrete data - correct answer ✔✔Numerical data values that can be COUNTED
Ex. The humber of students in class today
4 scales of measurement - correct answer ✔✔nominal, ordinal, interval, ratio
Nominal scale - correct answer ✔✔The lowest level of data measurement.
Not necessarily numerical. Levels or categories or simply assigned values.
Ex. male or female
, Ordinal scale - correct answer ✔✔the same as nominal but adds extra properties that can be ordered.
Ex. 1-very satisfied - 2-satisfied - 3-fair - 4-unsatisfactory
This level of measurement is higher than nominal.
Interval Scale - correct answer ✔✔A numerical scale that is higher than nominal and ordinal data.
Most of the data we use in statistics should be in at least interval data.
Ex. Temeperature scale (F) / Percentage change in employment
Ratio scale - correct answer ✔✔The highest level/scale of data measurement.
Has a definite zero point whereas interval scale does not. This is the only difference between these two
scales.
The zero allows the data to define a ratio.
Ex. used in all physical measurements - height, weight, length, time, volume, blood pressure, cholestreol
levels. / Kelvin scale for temperatures.
Types of Data - correct answer ✔✔Primary, secondary, time series, cross sectional, census
Primary data - correct answer ✔✔When the investigator collects the data himself.
Here the data is collected by the person who is doing the research.
Secondary data - correct answer ✔✔When the data is taken from some published source.
Population - correct answer ✔✔a collection of persons, objects, or items of interest
Census - correct answer ✔✔an examination of each and every measurement of the entire population
Sample - correct answer ✔✔a subset of measurements selected from the population
Parameter - correct answer ✔✔A measurement from a population
Statistic - correct answer ✔✔A measurement from a sample
continuous data - correct answer ✔✔Numerical data values that can be MEASURED
Ex. The weight, in ounces, of the apple butter poured into jars on an assembly line.
discrete data - correct answer ✔✔Numerical data values that can be COUNTED
Ex. The humber of students in class today
4 scales of measurement - correct answer ✔✔nominal, ordinal, interval, ratio
Nominal scale - correct answer ✔✔The lowest level of data measurement.
Not necessarily numerical. Levels or categories or simply assigned values.
Ex. male or female
, Ordinal scale - correct answer ✔✔the same as nominal but adds extra properties that can be ordered.
Ex. 1-very satisfied - 2-satisfied - 3-fair - 4-unsatisfactory
This level of measurement is higher than nominal.
Interval Scale - correct answer ✔✔A numerical scale that is higher than nominal and ordinal data.
Most of the data we use in statistics should be in at least interval data.
Ex. Temeperature scale (F) / Percentage change in employment
Ratio scale - correct answer ✔✔The highest level/scale of data measurement.
Has a definite zero point whereas interval scale does not. This is the only difference between these two
scales.
The zero allows the data to define a ratio.
Ex. used in all physical measurements - height, weight, length, time, volume, blood pressure, cholestreol
levels. / Kelvin scale for temperatures.
Types of Data - correct answer ✔✔Primary, secondary, time series, cross sectional, census
Primary data - correct answer ✔✔When the investigator collects the data himself.
Here the data is collected by the person who is doing the research.
Secondary data - correct answer ✔✔When the data is taken from some published source.
