MSIS EXAM 1 REVIWED QUESTIONS
AND THEIR CORRECT ANSWERS
Covariance
a measure of linear association between two variables, X
and Y
Correlation
measure of the linear relationship between two variables,
X and Y, which does not depend on the units of
measurement. is measured by the coefficient.
For two variables a __________ correlation coefficient
indicates a linear relationship exists for which one
variable increases as the other also increases.
positive
Kurtosis
refers to the peakedness or flatness of a histogram
The coefficient of skewness
measures the degree of asymmetry of observations
around the mean
Skewness
describes the lack of symmetry data
Coeffecient of Variation
provides a relative measure of the dispersion in data
relative to the mean and is defined as CV=Standard
Deviation/Mean.
The coefficient of variation provides a relative
measure of risk to return. The smaller the coefficient
of variation, the ___________ the relative risk is for the
return provided.
,smaller
The reciprocal of the coefficient of variation, called
_______________, is often used because it is easier to
interpret.
return to risk
Variance
average of the squared deviations of the observations
from the mean.
square root of the variance
Dispersion
refers to the degree of variation in the data, that is, the
numerical spread (or compactness) of the data. Several
statistical measures characterize dispersion: the range,
interquartile range, variance, and standard deviation.
Range
the difference between the maximum value and the
minimum value in the data set.
Interquartile Range
Often called the midspread, it is the difference between
the first and third quartiles
Measures of location
provide estimates of a single value that in some fashion
represents the "centering" of a set of data. The most
common is the average. The average is formally called the
arithmetic mean (or simply the mean) which is the sum of
the observations divided by the number of observations.
specifies the middle value when the data are arranged
from least to greatest is the median. Half of the data are
below the median, and half of the data are above it.
, In _________________, the elements of a data set are
typically labeled as subscripted variables.
statistical notation
population
consists of all items of interest for a particular decision or
investigation.
sample
subset of a population
Most populations are too large to deal with, thus
sampling is _________
necessary
Cross-tabulation
often called the contingency table, it is a tabular method
that displays the number of observations in a data set in
different subcategories of two categorical variables.
The subcategories of the variables must be mutually
exclusive and exhaustive, meaning that each observation
can be classified into only one subcategory, and, taken
together over all subcategories, they must constitute the
complete data set.
Categorical Data
naturally define the groups in a frequency distribution.
Frequency Distribution
• table that shows the number of observations in each of
several non-overlapping groups. A graphical depiction of
this in the form of a column chart is called a histogram.
Relative Frequency
Frequencies may be expressed as a fraction, or proportion
of the total
Ratio Data
AND THEIR CORRECT ANSWERS
Covariance
a measure of linear association between two variables, X
and Y
Correlation
measure of the linear relationship between two variables,
X and Y, which does not depend on the units of
measurement. is measured by the coefficient.
For two variables a __________ correlation coefficient
indicates a linear relationship exists for which one
variable increases as the other also increases.
positive
Kurtosis
refers to the peakedness or flatness of a histogram
The coefficient of skewness
measures the degree of asymmetry of observations
around the mean
Skewness
describes the lack of symmetry data
Coeffecient of Variation
provides a relative measure of the dispersion in data
relative to the mean and is defined as CV=Standard
Deviation/Mean.
The coefficient of variation provides a relative
measure of risk to return. The smaller the coefficient
of variation, the ___________ the relative risk is for the
return provided.
,smaller
The reciprocal of the coefficient of variation, called
_______________, is often used because it is easier to
interpret.
return to risk
Variance
average of the squared deviations of the observations
from the mean.
square root of the variance
Dispersion
refers to the degree of variation in the data, that is, the
numerical spread (or compactness) of the data. Several
statistical measures characterize dispersion: the range,
interquartile range, variance, and standard deviation.
Range
the difference between the maximum value and the
minimum value in the data set.
Interquartile Range
Often called the midspread, it is the difference between
the first and third quartiles
Measures of location
provide estimates of a single value that in some fashion
represents the "centering" of a set of data. The most
common is the average. The average is formally called the
arithmetic mean (or simply the mean) which is the sum of
the observations divided by the number of observations.
specifies the middle value when the data are arranged
from least to greatest is the median. Half of the data are
below the median, and half of the data are above it.
, In _________________, the elements of a data set are
typically labeled as subscripted variables.
statistical notation
population
consists of all items of interest for a particular decision or
investigation.
sample
subset of a population
Most populations are too large to deal with, thus
sampling is _________
necessary
Cross-tabulation
often called the contingency table, it is a tabular method
that displays the number of observations in a data set in
different subcategories of two categorical variables.
The subcategories of the variables must be mutually
exclusive and exhaustive, meaning that each observation
can be classified into only one subcategory, and, taken
together over all subcategories, they must constitute the
complete data set.
Categorical Data
naturally define the groups in a frequency distribution.
Frequency Distribution
• table that shows the number of observations in each of
several non-overlapping groups. A graphical depiction of
this in the form of a column chart is called a histogram.
Relative Frequency
Frequencies may be expressed as a fraction, or proportion
of the total
Ratio Data
