ISDS Exam 1 Chapter 1 UGBA 104 (questions and answers) latest

ISDS Exam 1 Chapter 1 UGBA 104 (questions and answers) latest Types of Data - CORRECT ANSWER-Data are compilations of facts, figures, or other contents, both numerical and non-numerical. •Data of all types/formats are generated from multiple sources. •Customers/businesses use data from to help make decisions. •Statistics is the language of data. Statistics is the science that deals with the collection, preparation, analysis, interpretation, and presentation of data. •First: find the right data and prepare it for the analysis. •Second: use the appropriate statistical tools, which depends on the data at hand. •Third: clearly communicate information with actionable business insights. Two branches of statistics - CORRECT ANSWER-descriptive and inferential statistics Descriptive statistics - CORRECT ANSWER-refers to the summary of important aspects of a data set. •Includes collecting, organizing, and presenting the data in the form of charts and tables. •Often calculate numerical measures (e.g., the typical value). Inferential statistics - CORRECT ANSWER-refers to drawing conclusions about a larger set of data (population) based on a smaller set of data (sample). •A population consists of all items/members of interest. •A sample is a subset of the population.