BUAL 5380 Managerial Decision Making Chapter 1 & 2 Exam Questions And Answers.

Tech makes it possible to - Answer Get huge amounts of data The Four Steps to Data Analysis - Answer 1. Recognize a Problem 2. Gather Data 3. Analyze Data using tools 4. Act on Analysis (repeat as needed) Population - Answer Includes all entities of Interest (example All voters in an election) Sample - Answer a subset of the population Observation - Answer is a list of all variable values for a single member of the population (example sex age and location of a single voter) Variable - Answer is a characteristic of members of the population (example- the age of every voter) Data Set - Answer A rectangular arr of data with variables in columns and observations in rows Numerical - Answer a number that meaningful arithmetic can be done on Categorical - Answer usually expressed in a name or a number that has no value mathematically (example state, gender, or a survey of 1-5) Ordinal - Answer a categorical value that has a natural order (example a survey of Strongly agree to strongly disagree) Nominal - Answer a categorical value that has no natural order (example male female, or state you live in) Dummy Variable - Answer 0-1 coded variable for a specific category