Business Analytics Exam questions
and answers graded A+
What is statistics role in regards to data? - ANS✅✅making sense of complex data by extracting
useful information.
Business Analytics - ANS✅✅The scientific process of transforming data into insights for making
better business decisions.
Data - ANS✅✅The facts and figures
Data set - ANS✅✅All the data collected in a particular study.
Elements - ANS✅✅The entities on which data are collected.
Variable - ANS✅✅A characteristic of interest for the elements.
Observation - ANS✅✅The set of measurements obtained for a particular element.
The number of observations is always the same as the number of elements.
Data collection requires one of the following scales of measurement: - ANS✅✅nominal, ordinal,
interval, or ratio
What does the scale of measurement determine? - ANS✅✅It determines the amount of
information contained in the data and indicates the most appropriate data summarization and
statistical analysis.
Nominal Scale - ANS✅✅The scale of measurement for a variable when the data are labels or
names used to identify an attribute of an element. Nominal data may be non-numeric or numeric.
Ordinal scale - ANS✅✅is categorical data and the categories can be ordered / ranked.
, example: credit ratings
Interval scale - ANS✅✅Quantitative type of data.
example: age, SAT scores, grades, income.
Data can be classified as either: - ANS✅✅categorical or quantitative
Categorical Data - ANS✅✅Labels or names used to identify an attribute of each element.
Categorical data use either the nominal or ordinal scale of measurement and may be non-numeric or
numeric.
Categorical variable - ANS✅✅A variable with categorical data
Quantitative data - ANS✅✅Numeric values that indicate how much or how many of something.
Quantitative data are obtained using either the interval or ratio scale of measurement. Can be
discrete or continuous.
example: age, SAT scores, grades, income.
Quantitative data that measure how many are considered what? - ANS✅✅discrete.
example: number of calls received in 5 minutes.
Quantitative data that measure how much are considered what? - ANS✅✅continuous because no
separation occurs between the possible data values.
example: weight or time.
Quantitative variable - ANS✅✅A variable with quantitative data
What does the statistical analysis appropriate for a particular variable depend on? - ANS✅✅It
depends upon whether the variable is categorical or quantitative.
and answers graded A+
What is statistics role in regards to data? - ANS✅✅making sense of complex data by extracting
useful information.
Business Analytics - ANS✅✅The scientific process of transforming data into insights for making
better business decisions.
Data - ANS✅✅The facts and figures
Data set - ANS✅✅All the data collected in a particular study.
Elements - ANS✅✅The entities on which data are collected.
Variable - ANS✅✅A characteristic of interest for the elements.
Observation - ANS✅✅The set of measurements obtained for a particular element.
The number of observations is always the same as the number of elements.
Data collection requires one of the following scales of measurement: - ANS✅✅nominal, ordinal,
interval, or ratio
What does the scale of measurement determine? - ANS✅✅It determines the amount of
information contained in the data and indicates the most appropriate data summarization and
statistical analysis.
Nominal Scale - ANS✅✅The scale of measurement for a variable when the data are labels or
names used to identify an attribute of an element. Nominal data may be non-numeric or numeric.
Ordinal scale - ANS✅✅is categorical data and the categories can be ordered / ranked.
, example: credit ratings
Interval scale - ANS✅✅Quantitative type of data.
example: age, SAT scores, grades, income.
Data can be classified as either: - ANS✅✅categorical or quantitative
Categorical Data - ANS✅✅Labels or names used to identify an attribute of each element.
Categorical data use either the nominal or ordinal scale of measurement and may be non-numeric or
numeric.
Categorical variable - ANS✅✅A variable with categorical data
Quantitative data - ANS✅✅Numeric values that indicate how much or how many of something.
Quantitative data are obtained using either the interval or ratio scale of measurement. Can be
discrete or continuous.
example: age, SAT scores, grades, income.
Quantitative data that measure how many are considered what? - ANS✅✅discrete.
example: number of calls received in 5 minutes.
Quantitative data that measure how much are considered what? - ANS✅✅continuous because no
separation occurs between the possible data values.
example: weight or time.
Quantitative variable - ANS✅✅A variable with quantitative data
What does the statistical analysis appropriate for a particular variable depend on? - ANS✅✅It
depends upon whether the variable is categorical or quantitative.
