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ISDS 361A Exam 1 questions with complete solutions
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ISDS 361A Exam 1 questions with complete solutions
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ISDS 361A Exam 1 questions withcomplete solutions
Statistics - correct answer ✔✔a way of getting information
-helps make valid decisions.
Data - correct answer ✔✔the facts and figures collected, analyzed, and summarized for presentation and
interpretation
information - correct answer ✔✔Data converted into a meaningful and useful context
business decisions - correct answer ✔✔these include strategic decisions (very important ones which can
affect the overall success of the business)
Business Analytics - correct answer ✔✔the scientific process of transforming data into insight for making
better business decisions.
Data science - correct answer ✔✔Managing and analyzing massive sets of data for purposes such as
target marketing, trend analysis, and the creation of individually tailored products and services.
Descriptive statistics - correct answer ✔✔Data that is summarized and presented in a form that is easy
for the reader to understand.
-statistical information in newspapers, magazines, company reports, and other publications
--summaries of data which may be tabular, graphical, or numerical.
inferential statistics - correct answer ✔✔statistics using data from a sample to make estimates and test
hypotheses about the characteristics of a population.
-goes beyond the data at our disposal.
, -drawing conclusions. large set of data: population, which is based on smaller set of sample data.
population - correct answer ✔✔the set of all elements of interest in a particular study.
sample - correct answer ✔✔a subset of the population
Parameter - correct answer ✔✔a descriptive measure of the population that is of interest.
- EX: the mean, mu
statistic - correct answer ✔✔a descriptive measure that is calculated from the sample.
EX: the sample mean
purpose of inferential statistics - correct answer ✔✔-make inferences about a parameter if a population
-based on information obtained from a statistic of a sample ( with a certain degree of confidence)
Data collection - correct answer ✔✔-to obtain a "representative sample" that exhibits the characteristics
of the entire population.
Sources of Data - correct answer ✔✔a) Primary = the CLIENT
b) Secondary = all other sources which does NOT COME FROM THE client
Why random sampling? - correct answer ✔✔targets population and eliminates bias, but extremely
difficult to achieve.
Non-random sampling error - correct answer ✔✔the result of using a sampling method that is not
random, such as using a convenience sample or a voluntary response sample
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