BANA 2372 Midterm Exam Questions and Answers All Correct

BANA 2372 Midterm Exam Questions and Answers All Correct Examples of cross-sectional data include all except: - Answer-the comparison of sales output of all 10 salespeople in the Western Sales Region for the 3rd quarter. A time series is a sequence of data points, typically consisting of successive measurements made over a time interval. Examples of the time series include all except: - Answer-the volume of shares traded today in the stock market. Data obtained from a nominal scale: - Answer-can be either numeric or nonnumeric. Data mining is the analysis step of the "knowledge discovery in databases" process. It has become an emerging field in today's business world because: - Answer-the sheer amount of useful data has grown exponentially. Anyone who wants to use the data and statistical analysis as aids to decision making must be aware of the time and cost issues. If important data are not readily available, it would be best to: - Answer-use a cross-sectional data set. Examples of categorical data include all of the following except: - Answer-228 lbs. The collection of all elements of interest in a particular study is: - Answer-the population of interest. All of the following are examples of observational studies except: - Answer-the behavior of Walmart shoppers after they are given a $20 gift card from the store. Which of the following is not a type of data acquisition errors? - Answer-A particularly extreme value is verified, and is still included in the data set. The number of observations in a complete data set having 20 elements and 3 variables is: - Answer-20. Some hotels ask their guests to rate the hotel's services as excellent, very good, good, and poor. This is an example of the: - Answer-ordinal scale. The population of countries (n = 60) with the top GDPs in 2014 is shown above. Assume for the purposes of this problem that the mean and median GDP of this population are unknown. In reality, they are ($51,195, $44,600). A random sample of 10 countries (GDPs) was selected from this unknown population. What range would the sample mean most likely fall into? - Answer-$50K — $59.9K In data mining, statistical models play an important role in developing . - Answer- predictive models The major applications of data mining have been made by companies with a strong focus. - Answer-consumer. Data mining deals with methods for developing useful decision-making information from large databases. It performs all actions except the: - Answer-reselling of the packaged data. The Department of Homeland Security has noted that on average 1120 suspicious vehicles are stopped and searched each day in the United States. This number is used to estimate the number of cars stopped in an average yearly period. The average number of cars stopped is not an example of: - Answer-descriptive statistics. An experiment is conducted to study the effects of a new blood pressure medicine on subjects. A random sample of 60 people are placed into three groups of 20 according to their age (young, middle-aged, and senior). Each group of 20 people are randomly assigned to two treatment groups (new medicine and placebo). How many total treatment groups are there? - Answer-6. The American Statistical Association describes eight general topic areas and specifies important ethical considerations under each topic. One area is "Responsibilities to Research Subjects". It describes the requirements for protecting the interests of human and animal subjects of research not only during data collection but also in the analysis, interpretation, and publication of results of the findings. An example of this would include: - Answer-All of these practices adheres to the ASA's policy. What percentage of countries have tax rates above the mean tax rate for the dataset? - Answer-50%. Examples of quantitative data include all of the following except: - Answer-your zip code. Data collected through a survey attached to this month's pay stub: - Answer-is considered an observational study because no control is imposed. In a sample of 1600 registered voters, 912, or 57%, approve of the way the President is doing his job. The 57% approval rating is an example of: - Answer-descriptive statistics. In a sample of 200 students in a university, 40, or 20%, are Communications majors. Based on the above information, the school's paper reported that "an estimated 20% of all the students at the university are Communications majors." This report is an example of: - Answer-statistical inference. What is the principal difference between time series data and cross-sectional data? - Answer-Cross-sectional data are limited to an approximate window of time, while time series data are collected over several time periods. Statistical studies in which researchers do not control variables of interest are: - Answer-observational studies.