QMB 3200 EXAM 1 GARY BLISS EXAM QUESTIONS AND ANSWERS (GRADED A)
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QMB 3200
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QMB 3200
QMB 3200 EXAM 1 GARY BLISS EXAM QUESTIONS AND ANSWERS (GRADED A)QMB 3200 EXAM 1 GARY BLISS EXAM QUESTIONS AND ANSWERS (GRADED A)QMB 3200 EXAM 1 GARY BLISS EXAM QUESTIONS AND ANSWERS (GRADED A)
Statistics - ANSWER-Mathematical Science that deals with the collection, analysis, and presentation of da...
QMB 3200 EXAM 1 GARY BLISS EXAM
QUESTIONS AND ANSWERS (GRADED
A)
Statistics - ANSWER-Mathematical Science that deals with the collection, analysis, and
presentation of data which can then be used to infer
Data - ANSWER-Facts and figures that are collected, analyzed, and summarized for
presentation and interpretation
Primary Data - ANSWER-Data collected for own use. It is inexpensive, time consuming,
and trustworthy
Secondary Data - ANSWER-Data collected by someone else. It is cheap, easy to find,
but not trustworthy
Ways of Collecting Primary Data - ANSWER-Direct Observation, Experimentation,
Survey
Direct Observation - ANSWER-Observing a focus group in natural habitat
Experiment - ANSWER-Treatment in a controlled habitat
Survey or Questionnaires - ANSWER-Responses and discussions
Good Survery - ANSWER-State its purpose and ask personla information at the end
Bias - ANSWER-Questions that affect responses by leading or encouraging an answer
Categorical/Qualitative Data - ANSWER-Data that is grouped by category and is non
numbers. It is described by terms
Quantitative Data - ANSWER-Data that is grouped by numbers. Described by numerical
values and are counted or measured
Types of Qualtitative Data - ANSWER-Nominal and Ordinal
Nominal Data - ANSWER-Arbitrary labels for data with no ranking (zipcodes)
Ordinal Data - ANSWER-Arbitrary ranked data but no meaningful differences (mIddle,
high, schoo, etc)
, Types of Quantitative Data - ANSWER-Interval and Ratio
Interval Data - ANSWER-Meaningful ranked data with no 0 point (years)
Ratio - ANSWER-Meaningful ranked data with a real 0 value (Income)
Time Series Data - ANSWER-Specific Measurements over a time period
Cross Sectional Data - ANSWER-Specific values of a subject from a point in time
Descriptive Statistics - ANSWER-Collect, summarize, and display
Inferential Statistics - ANSWER-Making claims about data based on a sample
Population - ANSWER-All possible subjects in a study
Sample - ANSWER-Portion of the population that is representative of the population
from which it was selected
Parameter - ANSWER-Characteristic of population
Statistic - ANSWER-Characteristic of sample
Cumulative Relative Frequency - ANSWER-Accumulated proportion of frequency that
are less or equal to the class that is being observed
Histogram - ANSWER-Number of observations in each class of frequency distribution
on a graph
Variance Definition - ANSWER-Measures variability or spread of data points around the
mean
Standard Deviation - ANSWER-Square root of Variance.
Definition of Standard Deviation - ANSWER-Measure of how far on average each data
value is from the mean
Formula for Variance - ANSWER-((Data Value-Mean)^2)/N
Excel Functions - ANSWER-Var.s STDEV.S or Var.p STDEV.P or ToolPak`
coefficient of variation - ANSWER-Measures standard deviation in terms of its
percentage of the mean
Number of classes - ANSWER-2^K GREATER OR EQUAL TO N solve for K
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