Business Analytics Exam questions
with answers graded A+
Big data - ANS✅✅massive amounts of business data from a wide variety of sources, much of
which is available in real time, and much of which is uncertain or unpredictable
Business analytics - ANS✅✅the use of current business data to solve business problems using
mathematical analysis
Categorical (qualitative) variable - ANS✅✅a variable having values that indicate into which several
categories a population element belongs
Census - ANS✅✅an examination of all the elements in a population
cluster sampling (multistage cluster sampling) - ANS✅✅A sampling design in which we
sequentially cluster population elements into subpopulations.
convience sampling - ANS✅✅sampling where we select elements because they are easy or
convenient to sample.
cross-sectional data - ANS✅✅data collected at the same or approximately the same point in time
data - ANS✅✅facts and figures from which conclusions can be drawn
data mining - ANS✅✅the process of discovering useful knowledge in extremely large data sets
data set - ANS✅✅facts and figures, taken together, that are collected for a statistical study
data warehousing - ANS✅✅a process of centralized data management and retrieval
descriptive analytics - ANS✅✅the use of traditional and more recently developed statistical
graphics to present to executives
, descriptive statistics - ANS✅✅the science of describing the important aspects of a set of
measurements
element - ANS✅✅a person, object, or other entity about which we wish to draw a conclusion
errors of non-observation - ANS✅✅sampling error related to population elements that are not
observed
errors of observation - ANS✅✅sampling error that occurs when the data collected in a survey
differs from the truth
experimental study - ANS✅✅a statistical study in which the analyst is able to manipulate the value
of the factors
factor - ANS✅✅a variable that may be related to the response variable
finite population - ANS✅✅A population that contains a finite number of elements
Frame - ANS✅✅A list of all the population elements
infinite population - ANS✅✅A population that is defined so that there is no limit to the number of
elements that could potentially belong to the population
interval variable - ANS✅✅A quantitative variable such that ratios of its values are not meeting for
and for which there is none inherently defined zero value
Judgment sampling - ANS✅✅sampling where an expert selects population elements that he/she
feels are representative of the population
meqsurement - ANS✅✅the process of assigning a value of a variable to an element in a population
or sample
nominative variable - ANS✅✅a qualitative variable for which there is NO meaningful ordering, or
ranking, of the categories
with answers graded A+
Big data - ANS✅✅massive amounts of business data from a wide variety of sources, much of
which is available in real time, and much of which is uncertain or unpredictable
Business analytics - ANS✅✅the use of current business data to solve business problems using
mathematical analysis
Categorical (qualitative) variable - ANS✅✅a variable having values that indicate into which several
categories a population element belongs
Census - ANS✅✅an examination of all the elements in a population
cluster sampling (multistage cluster sampling) - ANS✅✅A sampling design in which we
sequentially cluster population elements into subpopulations.
convience sampling - ANS✅✅sampling where we select elements because they are easy or
convenient to sample.
cross-sectional data - ANS✅✅data collected at the same or approximately the same point in time
data - ANS✅✅facts and figures from which conclusions can be drawn
data mining - ANS✅✅the process of discovering useful knowledge in extremely large data sets
data set - ANS✅✅facts and figures, taken together, that are collected for a statistical study
data warehousing - ANS✅✅a process of centralized data management and retrieval
descriptive analytics - ANS✅✅the use of traditional and more recently developed statistical
graphics to present to executives
, descriptive statistics - ANS✅✅the science of describing the important aspects of a set of
measurements
element - ANS✅✅a person, object, or other entity about which we wish to draw a conclusion
errors of non-observation - ANS✅✅sampling error related to population elements that are not
observed
errors of observation - ANS✅✅sampling error that occurs when the data collected in a survey
differs from the truth
experimental study - ANS✅✅a statistical study in which the analyst is able to manipulate the value
of the factors
factor - ANS✅✅a variable that may be related to the response variable
finite population - ANS✅✅A population that contains a finite number of elements
Frame - ANS✅✅A list of all the population elements
infinite population - ANS✅✅A population that is defined so that there is no limit to the number of
elements that could potentially belong to the population
interval variable - ANS✅✅A quantitative variable such that ratios of its values are not meeting for
and for which there is none inherently defined zero value
Judgment sampling - ANS✅✅sampling where an expert selects population elements that he/she
feels are representative of the population
meqsurement - ANS✅✅the process of assigning a value of a variable to an element in a population
or sample
nominative variable - ANS✅✅a qualitative variable for which there is NO meaningful ordering, or
ranking, of the categories
