Statistics for Business and Economics - Chapter 1 Exam Questions with Answers.

Statistics for Business and Economics - Chapter 1 Exam Questions with Answers Statistics - Correct Answers: the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical and categorical information. Descriptive statistics - Correct Answers: utilizes numerical and graphical methods to explore data, i.e., to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics - Correct Answers: utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. sampling - Correct Answers: data are selected from some larger set of data whose characteristics we wish to estimate. experimental (or observational) unit - Correct Answers: an object (e.g., person, thing, transaction, or event) upon which we collect data. population - Correct Answers: a set of units (usually people, objects, transactions, or events) that we are interested in studying. variable - Correct Answers: a characteristic or property of an individual experimental (or observational) unit. Measurement - Correct Answers: the process we use to assign numbers to variables of individual population units. census - Correct Answers: When we measure a variable for every experimental unit of a population sample - Correct Answers: a subset of the units of a population statistical inference - Correct Answers: an estimate or prediction or some other generalization about a population based on information contained in a sample.