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ISDS 2001 Exam 1 - Joni Shreve questions well answered to pass
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ISDS 2001 Exam 1 - Joni Shreve questions well answered to pass
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ISDS 2001 Exam 1 - Joni ShreveStatistics - correct answer ✔✔The branch of mathematics that uncovers patterns in data and transforms
that into useful information for decision making.
(have 2 branches)
descriptive statistics - correct answer ✔✔Those methods involved in the collection, summarizing
(numerically or graphically), presenting, and analyzing a set of data in order to describe the various
features of that data set.
What are these examples of?
- creating pie charts, histograms
- calculating mean, median, mode
- reporting unemployment rate, DJIA, crime rate
- number of freshman entering LSU this past fall
- median home values - correct answer ✔✔descriptive statistics
Inferential Statistics - correct answer ✔✔Those methods that use data from a smaller group (sample) to
make conclusions/decisions about the characteristic of a larger group (population).
Population - correct answer ✔✔The entire set of observations for which conclusions are to be made.
Sample - correct answer ✔✔A subset of the population selected for analysis.
Parameter - correct answer ✔✔A summary measure that describes a characteristic of an entire
population (µ or π).
Statistic - correct answer ✔✔A summary measure that describes a characteristic of a sample.
, What is this an example of?
A 2010 survey of 1,208 registered voters by a USA Today/Gallup Poll found that President Obama's job
performance was viewed as favorable by only 41% of those polled, the lowest rating since he took office
in January 2009.
a. The population consists of all
registered voters.
b. The sample consists of the 1,208 registered voters surveyed.
c. The sample statistic is 41% and is used to estimate the population parameter.
d. The population parameter, the
percentage of all registered voters
viewing President Obama's job
performance as favorable, is
unknown.
e.Interpretation:Based upon the sample, it is estimated that 41% of the population views President
Obama's job performance as favorable.(This is inference). - correct answer ✔✔Inferential Statistics
We use the sample to make inferences about the population, because we generally don't have
information for the entire population. - correct answer ✔✔Why do we need sampling?
1.) studying the population is expensive
2.) it's impossible to examine every member of the population - correct answer ✔✔Reasons why we
need sampling:
Cross-Sectional Data - correct answer ✔✔Data collected at one point in time.
Time Series Data - correct answer ✔✔Data collected over several periods of time.
Variable - correct answer ✔✔The characteristic of an observation or individual.
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