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Business Analytics 2 Exam 1 questions with correct answers.
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Business Analytics 2 Exam 1 questionswith correct answers.
Descriptive Analytics ANS - uses data to understand past and present
Predictive Analytics ANS - analyzes past performance to forecast future outcomes
Prescriptive Analytics ANS - uses optimization techniques to design processes
Estimation ANS - calculating the expected value (number, size, value) of something
Hypothesis testing ANS - Examining the accuracy of a claim about the population
Parameter ANS - a numerical measure that describes a characteristic of a population
variable ANS - characteristic of an item or individual
data ANS - the different values associated with the variable
operational definitions ANS - universally accepted meanings that are clear to all associated with an
analysis
Discrete variables ANS - assume only a finite set of values ex: outcome of a coin flip, number of
employees late to work on a given day (cant have partial employees)
Continuous variables ANS - assume any of an infinite set of values ex: how much snow will fall in
Madison, WI tonight
, Histogram ANS - data's observed range and frequency
Bin sizes ANS - should be of equal size, all the data should be included, outliers can be lumped into last
bins, size should be small enough to convey patterns in data BUT large enough to avoid reflecting any
noise
Probability mass ANS - discrete, helps describe data's range and probability, histogram graph
probability density ANS - continuous, helps describe data's range and probability, the curved graph
have area equal to 1
Normal Distribution ANS - bell shaped, symmetrical
mean median and mode are all equal
spread is determined by the standard deviation
The range of the distribution is (theoretically) infinite
A large number of small contributions to the variation in observations yields an approximately normal
distribution
why sample? ANS - -less time consuming and less costly
-more practical and more accurate than trying to counter measure variables for entire population
-can be more insightful when it allows depth of coverage and key perspectives
sampling frame ANS - -listing items that are in population
-using different frames to generate data can lead to dissimilar solutions
sampling distributions ANS - distribution of all of the possible values of a sample statistic
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