BUAL-2600 STUDY GUIDE
Data - Answers - Facts and figures from which conclusions can be drawn
Data set - Answers - The data that are collected for a particular study
Elements - Answers - May be people, objects, events, or other entries
Variable - Answers - Any characteristic of an element
Measurement - Answers - A way to assign a value of a variable to the element
Quantitative - Answers - The possible measurements of the values of a variable are
numbers that represent quantities
Qualitative - Answers - The possible measurements fall into several categories;
categorical
Cross Sectional Data - Answers - Data collected at the same or approximately the same
point in time
Time Series Data - Answers - Data collected over different time periods
Existing Sources - Answers - Data already gathered by public or private sources. Ex.
Library, Internet, US Government, Data collection agency
Experimental and Observational Studies - Answers - Data we collect ourselves for a
specific purpose
Response Variable - Answers - Variable of interest
Independent Variables - Answers - Other variables that may be related to the variable of
interest and will be measured
Experimental Study - Answers - Manipulate the independent variables
Observational - Answers - Unable to control independent variables
Transactional Data - Answers - Companies hope to use past behavior and other
information to predict customer responses
Data Warehousing - Answers - A process of centralized data management and retrieval
Big Data - Answers - Massive amounts of data
, Census - Answers - An examination all of the population of measurements
Population - Answers - A set of all elements about which we wish to draw conclusions
Sample - Answers - A subset of the elements of a population
Descriptive Statistics - Answers - The science of describing the important aspects of a
set of measurements
Statistical Inference - Answers - The science of using a sample of measurements to
make generalizations about the important aspects of a population of measurements
Probability Sampling - Answers - sampling where we know the chance that each
element in the population will be included in the sample
Sample with replacement - Answers - We place the element chosen on any particular
selection back into the population
Sample without replacement - Answers - We do NOT place the element chosen on a
particular selection back into the population; Sample will be different
Finite population - Answers - A population of limited size
Infinite population - Answers - A population of unlimited size
Convenience Sampling - Answers - Sampling where we select elements because they
are convenient to sample
Voluntary Response Sampling - Answers - Samples in which participants self-select
Judgment Sampling - Answers - Samples in which a person who is extremely
knowledgeable about the population selects population elements he or she feels are
most representative
Business Analytics - Answers - The use of traditional and newly developed statistical
methods, advances in IS, and techniques from management science to explore and
investigate past performance
Descriptive Analytics - Answers - The use of traditional and newer graphics to represent
easy-to-understand visual summaries of up-to-the-minute data
Predictive Analytics - Answers - Methods used to find anomalies, patterns, and
associations in data sets to predict future outcomes
Prescriptive Analytics - Answers - Looks at variables and constraints, along with
predictions from predictive analytics, to recommend courses of actions
Data - Answers - Facts and figures from which conclusions can be drawn
Data set - Answers - The data that are collected for a particular study
Elements - Answers - May be people, objects, events, or other entries
Variable - Answers - Any characteristic of an element
Measurement - Answers - A way to assign a value of a variable to the element
Quantitative - Answers - The possible measurements of the values of a variable are
numbers that represent quantities
Qualitative - Answers - The possible measurements fall into several categories;
categorical
Cross Sectional Data - Answers - Data collected at the same or approximately the same
point in time
Time Series Data - Answers - Data collected over different time periods
Existing Sources - Answers - Data already gathered by public or private sources. Ex.
Library, Internet, US Government, Data collection agency
Experimental and Observational Studies - Answers - Data we collect ourselves for a
specific purpose
Response Variable - Answers - Variable of interest
Independent Variables - Answers - Other variables that may be related to the variable of
interest and will be measured
Experimental Study - Answers - Manipulate the independent variables
Observational - Answers - Unable to control independent variables
Transactional Data - Answers - Companies hope to use past behavior and other
information to predict customer responses
Data Warehousing - Answers - A process of centralized data management and retrieval
Big Data - Answers - Massive amounts of data
, Census - Answers - An examination all of the population of measurements
Population - Answers - A set of all elements about which we wish to draw conclusions
Sample - Answers - A subset of the elements of a population
Descriptive Statistics - Answers - The science of describing the important aspects of a
set of measurements
Statistical Inference - Answers - The science of using a sample of measurements to
make generalizations about the important aspects of a population of measurements
Probability Sampling - Answers - sampling where we know the chance that each
element in the population will be included in the sample
Sample with replacement - Answers - We place the element chosen on any particular
selection back into the population
Sample without replacement - Answers - We do NOT place the element chosen on a
particular selection back into the population; Sample will be different
Finite population - Answers - A population of limited size
Infinite population - Answers - A population of unlimited size
Convenience Sampling - Answers - Sampling where we select elements because they
are convenient to sample
Voluntary Response Sampling - Answers - Samples in which participants self-select
Judgment Sampling - Answers - Samples in which a person who is extremely
knowledgeable about the population selects population elements he or she feels are
most representative
Business Analytics - Answers - The use of traditional and newly developed statistical
methods, advances in IS, and techniques from management science to explore and
investigate past performance
Descriptive Analytics - Answers - The use of traditional and newer graphics to represent
easy-to-understand visual summaries of up-to-the-minute data
Predictive Analytics - Answers - Methods used to find anomalies, patterns, and
associations in data sets to predict future outcomes
Prescriptive Analytics - Answers - Looks at variables and constraints, along with
predictions from predictive analytics, to recommend courses of actions
