ISDS 361A Exam 1 Sample Questions And Well Elaborated Solutions
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Course
ISDS 361A
Institution
ISDS 361A
ISDS 361A Exam 1 Sample Questions And
Well Elaborated Solutions
Business Analytics - answers the scientific process of transforming data into insight for
making better business decisions.
Data science - answers Managing and analyzing massive sets of data for purposes
such ...
ISDS 361A Exam 1 Sample Questions And
Well Elaborated Solutions
Business Analytics - answers the scientific process of transforming data into insight for
making better business decisions.
Data science - answers 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 - answers 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 - answers 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.
Statistics - answers a way of getting information
-helps make valid decisions.
Data - answers the facts and figures collected, analyzed, and summarized for
presentation and interpretation
information - answers Data converted into a meaningful and useful context
business decisions - answers these include strategic decisions (very important ones
which can affect the overall success of the business)
population - answers the set of all elements of interest in a particular study.
sample - answers a subset of the population
Parameter - answers a descriptive measure of the population that is of interest.
, - EX: the mean, mu
statistic - answers a descriptive measure that is calculated from the sample.
EX: the sample mean
purpose of inferential statistics - answers -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 - answers -to obtain a "representative sample" that exhibits the
characteristics of the entire population.
Sources of Data - answers a) Primary = the CLIENT
b) Secondary = all other sources which does NOT COME FROM THE client
Why random sampling? - answers targets population and eliminates bias, but
extremely difficult to achieve.
Non-random sampling error - answers the result of using a sampling method that is not
random, such as using a convenience sample or a voluntary response sample
selection bias - answers A polling error in which the sample is not representative of the
population being studied, so that some opinions are over- or underrepresented
non-response bias - answers Bias introduced into survey results because individuals
refuse to participate.
statistical ethics - answers important to give the right direction to research so that it is
objective and reflects the truth
Histogram - answers a bar graph depicting a frequency distribution
symmetry - answers having the same shape, size, and position on both sides of a
dividing line
Skewness - answers The extent to which cases are clustered more at one or the other
end of the distribution of a quantitative variable rather than in a symmetric pattern
around its center
negatively skewed: left side is higher
positively skewed: right side is higher.
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