MGSC 291 - Exam 1 questions with
complete solutions A+
descriptive statistics - correct answer ✔✔collecting organizing and presenting the data
inferential statistics - correct answer ✔✔drawing conclusions about a population based on sample data
from that population
parameter - correct answer ✔✔is a number used to describe a population
statistic - correct answer ✔✔a number calculated from a sample and is used to estimate the parameter
observation - correct answer ✔✔the smallest unit upon which an observation is made
cross-sectional - correct answer ✔✔when a variable is measured at the same time point for multiple
observational units, the data is called
time series - correct answer ✔✔a variable that is measured at regular intervals over time for a single
observational unit is called a
panel data - correct answer ✔✔a common scenario for analysis has multiple time series together in a
single dataset. this type of data - a stack of time series for multiple observation units is called
Longitudial data - correct answer ✔✔ask a set of customers the same questions at a regular interval to
see how their opinions change over time
data lake - correct answer ✔✔stores structured, semi-structured, and unstructured raw data
, data warehouse - correct answer ✔✔stores structured data that is ready for data analytics - a business
professional would look at this data
big data - correct answer ✔✔the huge capacity of these warehouses has given rise to the term
quantitative variables - correct answer ✔✔have a numerical value that works like a number
qualitative variables - correct answer ✔✔do not have a meaningful numerical value; aka categorical
variables
units - correct answer ✔✔quantitative variables must have ____. The _____ indicate
how each value has been measured
the corresponding scale of measurement
how much of something we have
how far apart two values are
discrete and continuous - correct answer ✔✔quantitative variables are often broken into what two types
of variables
discrete - correct answer ✔✔there are jumps between possible values
continuous - correct answer ✔✔there is another possible value between any two values
nominal - correct answer ✔✔categorical variables used only to name categories that do not have order
are called
ordinal - correct answer ✔✔when data values can be ordered, the variable has ___ values
identifier variable - correct answer ✔✔a unique identifier assigned to each individual group or item in a
group. these special variables
complete solutions A+
descriptive statistics - correct answer ✔✔collecting organizing and presenting the data
inferential statistics - correct answer ✔✔drawing conclusions about a population based on sample data
from that population
parameter - correct answer ✔✔is a number used to describe a population
statistic - correct answer ✔✔a number calculated from a sample and is used to estimate the parameter
observation - correct answer ✔✔the smallest unit upon which an observation is made
cross-sectional - correct answer ✔✔when a variable is measured at the same time point for multiple
observational units, the data is called
time series - correct answer ✔✔a variable that is measured at regular intervals over time for a single
observational unit is called a
panel data - correct answer ✔✔a common scenario for analysis has multiple time series together in a
single dataset. this type of data - a stack of time series for multiple observation units is called
Longitudial data - correct answer ✔✔ask a set of customers the same questions at a regular interval to
see how their opinions change over time
data lake - correct answer ✔✔stores structured, semi-structured, and unstructured raw data
, data warehouse - correct answer ✔✔stores structured data that is ready for data analytics - a business
professional would look at this data
big data - correct answer ✔✔the huge capacity of these warehouses has given rise to the term
quantitative variables - correct answer ✔✔have a numerical value that works like a number
qualitative variables - correct answer ✔✔do not have a meaningful numerical value; aka categorical
variables
units - correct answer ✔✔quantitative variables must have ____. The _____ indicate
how each value has been measured
the corresponding scale of measurement
how much of something we have
how far apart two values are
discrete and continuous - correct answer ✔✔quantitative variables are often broken into what two types
of variables
discrete - correct answer ✔✔there are jumps between possible values
continuous - correct answer ✔✔there is another possible value between any two values
nominal - correct answer ✔✔categorical variables used only to name categories that do not have order
are called
ordinal - correct answer ✔✔when data values can be ordered, the variable has ___ values
identifier variable - correct answer ✔✔a unique identifier assigned to each individual group or item in a
group. these special variables
