QMB 3200 Exam 1 with verified solutions
statistics - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔1 of 3 types of primary data
collection
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 - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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
qualitative (categorical) data - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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
ratio: meaningful differences. true zero point. ex. income; percentage comparisons
statistics - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔1 of 3 types of primary data
collection
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 - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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
qualitative (categorical) data - ** VERIFIED ANSWERS **✔✔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 - ** VERIFIED ANSWERS **✔✔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
ratio: meaningful differences. true zero point. ex. income; percentage comparisons
