Questions and CORRECT Answers
What is the key focus on analysis? - CORRECT ANSWER To predict trends using
quantitative data.
What are the four levels of measurement? - CORRECT ANSWER 1. Nominal
2. Ordinal
3. Interval
4. Ratio
Nominal data - CORRECT ANSWER is categorical. It has no numerical value. It's not a
number.
Examples:
-the types of pizza you sell
-meatball
-veggie
-cheese
(these are labels, they can't be added or subtracted)
Ordinal data - CORRECT ANSWER is ranked, but doesn't have a specific value.
Example:
-the size of pizza (small, medium, large)
(we can't add or subtract these but we can put them in sequential order)
- order (key word)
- no numerical value
Interval data - CORRECT ANSWER data is numeric. You can add and subtract it. It has a
sequential value. Each value is equally spaced from the previous value.
,Example:
- drink sizes are interval (16 oz, 20 oz, 24 oz) they are equally spaced about (4 oz spaced)
Ratio data - CORRECT ANSWER is numeric. Your sales per day are ratio data.
Example"
- 10 sales of $12.99 a piece = $129.99
(the value has a true value from zero)
To challenge the validity and reliability of data, ask two things. - CORRECT ANSWER Are
there any outliers and are there any errors?
Outliers - CORRECT ANSWER Don't throw them out. Do them in both ways.
Example:
last week, you were closed for two days for renovations. Sales were a zero for those two days.
That's an outlier. You include the outliers to know how its effecting your bottom line.
2 categories of errors - CORRECT ANSWER 1. Random
2. Systematic
Random error - CORRECT ANSWER is something that happens just once and will not repeat
over time.
Example:
if you are trying to find average delivery times and one delivery was effected by a four hour
Chicago traffic delay, that's random.
Systematic error - CORRECT ANSWER is when your deliveries (example) are slow and it is
not by chance.
Example:
A delivery driver has nursed the fuel injector on his car for the past six months. It breaks down
one out of every 20 deliveries he makes. This is Systematic error. It repeats itself.
,Omission error - CORRECT ANSWER An error because something is missing.
Example:
A delivery driver didn't clock in or out for his delivery. That data will not be included in study
and it's relevant.
-A data set with an omission error is defined as distorted.
out of range error - CORRECT ANSWER
What is used to reduce errors? - CORRECT ANSWER a number of quality control tools.
Example:
a survey customers take only allows them to select responses from a list. That way, they can't
type anything in wrong.
Treatment - CORRECT ANSWER Example: You want to make a crispier pizza and to do
this, you apply three different sets of oil to three different pizza to measure the crispiness of the
crust.
Blind study - CORRECT ANSWER when the subjects don't know if they are receiving the
treatment or a placebo (a harmless procedure prescribed for the psychological benefit of the
recipient)
Double blind study - CORRECT ANSWER An experiment in which neither the participant
nor the researcher knows whether the participant has received the treatment or the placebo (a
harmless procedure prescribed for the psychological benefit of the recipient)
Descriptive - CORRECT ANSWER
For companies to attract and retain their best customers they need a complete portrait of who
they are. To develop this portrait companies turn to... - CORRECT ANSWER analytics
, A manufacturer wants to maximize their factory output while specifically minimizing labor
costs. What type of analytics might they employ to achieve this goal? - CORRECT
ANSWER prescriptive analytics
What type of data error that occurs in measurement is constant within a data set and is sometimes
caused by faulty equipment or bias? - CORRECT ANSWER measurement bias
A city government is trying to determine the national origins of its recent immigrant population.
If a survey of the immigrant population is conducted in English what type of error be present in
the data? - CORRECT ANSWER Omission
The use of Big Data is increasingly important to businesses in competitive markets. Which of the
following characteristics is not true of big data? - CORRECT ANSWER can be analyzed with
traditional spreadsheets
The Davenport-Kim three-stage model consists of framing the problem, solving the problem, and
communicating results. Which two of the following are part of framing the problem stage? -
CORRECT ANSWER -determine the scope of the problem
-review of previous findings
A healthcare provider is researching blood glucose levels before and after exercising. What two
elements should be part of any experimental study such as this? - CORRECT
ANSWER treatment procedures
Runners cover 26.2 miles in the Olympics marathon. What level of measurement is this? -
CORRECT ANSWER ratio
What level of measurement is the type of cars produced in Ford factory? - CORRECT
ANSWER nominal
What level of measurement is this the 10 best cities in the U.S. to retire in? - CORRECT
ANSWER Ordinal