Bual 2600 - Study guides, Class notes & Summaries

Given the sample data set (113, 115, 117, 119, 127, 129), what's the standard deviation? correct answers 6.54 Why is business analytics a hard course to teach (Bell, 2013)? A. every business student has to take it B. there is too much info to teach it all C. technology is changing so rapidly, professors have to change their courses each year D. a lot of professors want to teach it E. so many students want to spend the entire class discussing current events in light of analytic develop...

Data Facts and figures from which conclusions can be drawn Data set The data that are collected for a particular study Elements May be people, objects, events, or other entries Variable Any characteristic of an element Quantitative The possible measurements of the values of a variable are numbers that represent quantities Qualitative (categorial) Master01 | September, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ The possible measurements fall int...

In ________ we select elements because they are easy to sample A. Random Sampling B. Convenience Sampling C. Judgement Sampling D. Probability Sampling Convenience Sampling _________ sampling is where we know the chance that each element will be included in the sample, which allows us to make statistical inferences about the same population

A commercial shipping company operates a large fleet of trucks. The company needs to collect data on vehicle usage including acceleration, braking, and vehicle maintenance such as fluid levels. The datasourcing method needed to collect the data for this scenerio is sensor The dollar amount on an accounts receivable invoice. quantitative The net profit for a company in 2017. quantitative The stock exchange on which a company's stock is traded. qualitative The national debt of...

Data Facts and figures from which conclusions can be drawn Data Set The data that are collected for a particular study Variable any characteristic of an element Quantitative Variables The possible measurements of the values of a variable are numbers that represent quantities Ex: Age Qualitative (Categorical) Variables Labels or names used to identify an attribute of each element Ex: Names, addresses, phone numbers Master01 | September, 2024/2025 | Latest update 1 | P a g e...

Systematic sampling - ️️list population, select random starting point w no pattern, sample each nth element disadvantages= lose precision of characteristics Stratified random sample - ️️divide population into non-overlapping groups (strata) then select a random sample from each strata •if one characteristic is important disadvantages= if more than one group then not possible Analyticsis - ️️a PROCESS that examines data using a variety of statistical tools and involves Qual...

Measures Central Tendency Mean, Median, Mode Measures of Variation STD Deviation & Variance; Range & IQR Measures of Position Quartiles, Percentiles, Z‐Scores Central Tendency A measure of central tendency represents the center or middle of the data Population Parameter a number calculated from all the population measurements that describes some aspect of the population Population Mean (μ) Master01 | September, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/202...

BUAL 2600 Business Analytics Exam 1 (Ch 1-2, 8) || Complete Questions & 100% Correct Answers BUAL 2600 Business Analytics Exam 1 (Ch 1-2, 8) || Complete Questions & 100% Correct Answers QUIZ 1 (Question #1) A _____ is used to visualize sample data graphically and to draw preliminary conclusions about the possible relationship between the variables. a. pie chart b. contingency table c. Gantt chart d. scatter chart - ANSWER - d. scatter chart QUIZ 1 (Question #2) In a linear regre...

A ________ is a measure of the chance that an uncertain event will occur. probability The ________ of two events X and Y is another event that consists of the sample space outcomes belonging to either event X or event Y or both events X and Y. union P(AUB) = P(A) + P(B) − P(A∩B) represents the formula for the ________. addition rule A process of observation that has an uncertain outcome is referred to as a(n) ________. experiment A probability may be interpreted as a long-r...

Analyticsis → a PROCESS that examines data using a variety of statistical tools and involves Qualitative → • Data is ORDINAL or NOMINAL Continuous → decimal/fraction → example= GPA Discrete → whole number → example= students in class Census → An examination all of the population population → is the entire group of individuals from which we want information. Sample → is a part of the population (a subset) we actually collect as the dataset to analyze. Then dra...