QMB 3200 Exam 1 Questions And Answers
statistics -
correct answer ✅the mathematical science that deals with the
collection, analysis, and presentation of data, which can then be
used as a basis for inference and induction. Logical and intuitive.
data -
correct answer ✅the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information -
correct answer ✅data that are transformed into useful facts that
can be used for a specific purpose, such as making a decision,
making a sale, predicting patterns, etc
can be done by observing patterns or trends in data
direct observation or focus group -
correct answer ✅1 of 3 types of primary data collection
,QMB 3200 Exam 1 Questions And Answers
direct observation: Observing subjects in their natural environment
Focus group: asking a group to do something
Example: Watching to see if drivers stop at a stop sign
experiments -
correct answer ✅2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires -
correct answer ✅3 of 3 types of primary data collection
Subjects are asked to respond to questions or discuss attitudes
Subject to much bias
Example: E-mail surveys to customers to assess service quality
, QMB 3200 Exam 1 Questions And Answers
qualitative (categorical) data -
correct answer ✅classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number
differences. Ex. education levels (masters, doctorate); good, better,
best; freshman, sophomore, junior
quantitative data -
correct answer ✅described by numerical values. must be counted
or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar
year
statistics -
correct answer ✅the mathematical science that deals with the
collection, analysis, and presentation of data, which can then be
used as a basis for inference and induction. Logical and intuitive.
data -
correct answer ✅the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information -
correct answer ✅data that are transformed into useful facts that
can be used for a specific purpose, such as making a decision,
making a sale, predicting patterns, etc
can be done by observing patterns or trends in data
direct observation or focus group -
correct answer ✅1 of 3 types of primary data collection
,QMB 3200 Exam 1 Questions And Answers
direct observation: Observing subjects in their natural environment
Focus group: asking a group to do something
Example: Watching to see if drivers stop at a stop sign
experiments -
correct answer ✅2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires -
correct answer ✅3 of 3 types of primary data collection
Subjects are asked to respond to questions or discuss attitudes
Subject to much bias
Example: E-mail surveys to customers to assess service quality
, QMB 3200 Exam 1 Questions And Answers
qualitative (categorical) data -
correct answer ✅classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number
differences. Ex. education levels (masters, doctorate); good, better,
best; freshman, sophomore, junior
quantitative data -
correct answer ✅described by numerical values. must be counted
or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar
year
