GUIDE. GRADED A+.
QUESTIONS AND 100%
VERIFIED ANSWERS. LATEST
2025/2026 UPDATE
What is the key focus on analysis? - Ans✔✔-To predict trends using
quantitative data.
What are the four levels of measurement? - Ans✔✔-1. Nominal
2. Ordinal
3. Interval
4. Ratio
Nominal data - Ans✔✔-is categorical. It has no numerical value. It's not a
number.
Examples:
-the types of pizza you sell
-meatball
-veggie
-cheese
(these are labels, they can't be added or subtracted)
,Ordinal data - Ans✔✔-is ranked, but doesn't have a specific value.
Example:
-the size of pizza (small, medium, large)
(we can't add or subtract these but we can put them in sequential order)
- order (key word)
- no numerical value
Interval data - Ans✔✔-data is numeric. You can add and subtract it. It has a
sequential value. Each value is equally spaced from the previous value.
Example:
- drink sizes are interval (16 oz, 20 oz, 24 oz) they are equally spaced about (4
oz spaced)
Ratio data - Ans✔✔-is numeric. Your sales per day are ratio data.
Example"
- 10 sales of $12.99 a piece = $129.99
(the value has a true value from zero)
To challenge the validity and reliability of data, ask two things. - Ans✔✔-Are
there any outliers and are there any errors?
Outliers - Ans✔✔-Don't throw them out. Do them in both ways.
Example:
,last week, you were closed for two days for renovations. Sales were a zero for
those two days. That's an outlier. You include the outliers to know how its
effecting your bottom line.
2 categories of errors - Ans✔✔-1. Random
2. Systematic
Random error - Ans✔✔-is something that happens just once and will not
repeat over time.
Example:
if you are trying to find average delivery times and one delivery was effected by
a four hour Chicago traffic delay, that's random.
Systematic error - Ans✔✔-is when your deliveries (example) are slow and it is
not by chance.
Example:
A delivery driver has nursed the fuel injector on his car for the past six months.
It breaks down one out of every 20 deliveries he makes. This is Systematic
error. It repeats itself.
Omission error - Ans✔✔-An error because something is missing.
Example:
A delivery driver didn't clock in or out for his delivery. That data will not be
included in study and it's relevant.
-A data set with an omission error is defined as distorted.
out of range error - Ans✔✔-
, What is used to reduce errors? - Ans✔✔-a number of quality control tools.
Example:
a survey customers take only allows them to select responses from a list. That
way, they can't type anything in wrong.
Treatment - Ans✔✔-Example: You want to make a crispier pizza and to do this,
you apply three different sets of oil to three different pizza to measure the
crispiness of the crust.
Blind study - Ans✔✔-when the subjects don't know if they are receiving the
treatment or a placebo (a harmless procedure prescribed for the psychological
benefit of the recipient)
Double blind study - Ans✔✔-An experiment in which neither the participant
nor the researcher knows whether the participant has received the treatment
or the placebo (a harmless procedure prescribed for the psychological benefit
of the recipient)
Descriptive - Ans✔✔-
For companies to attract and retain their best customers they need a complete
portrait of who they are. To develop this portrait companies turn to... - Ans✔✔-
analytics
A manufacturer wants to maximize their factory output while specifically
minimizing labor costs. What type of analytics might they employ to achieve
this goal? - Ans✔✔-prescriptive analytics