COB 191 Final Exam Questions with
100% Correct Answers 2024/2025
statistics - ANSWERSmathematical science that deals with the collection, analysis, and presentation of
data, which can then be used as a basis for the inference and induction
how business use statistics - ANSWERSmarketing research, advertising, operations, and finance &
economics
data - ANSWERSvalues assigned to observations or measurements
information - ANSWERSdata that are transformed into useful facts that can be used for a specific
purpose,such as making a decision
primary data - ANSWERSdata that you have collected on your own
secondary data - ANSWERSdata collected by someone else
qualitative data - ANSWERSclassified by descriptive terms
nominal & ordinal
quantitative data - ANSWERSdescribed by numerical values
interval & ratio
nominal scale - ANSWERSclassifies data into distinct categories in which no ranking is implied
ordinal scale - ANSWERSclassifies data into distinct categories in which ranking is implied
, interval scale - ANSWERSordered scale in which the difference between measurements is a meaningful
quantity but the measurements do not have a true zero point
ratio scale - ANSWERSordered scale in which the difference between the measurements is a meaningful
quantity and the measurements have a true zero point
time series data - ANSWERSvalues that correspond to specific measurements taken over a range of time
periods
cross section data - ANSWERSvalues collected from a number of subjects during a single time period
descriptive statistics - ANSWERScollecting, summarizing, and displaying data
inferential statistics - ANSWERSmaking claims or conclusions about the data based on a sample
population - ANSWERSrepresents all possible subjects that are of interest in a particular study
sample - ANSWERSrefers to a proportion of the population
parameter - ANSWERSa described characteristic about a population
statistic - ANSWERSa described characteristic about a sample
biased sample - ANSWERSa sample does not represent the intended population
probability sample - ANSWERSeach member in the population has a known nonzero, chance of being
selected
simple random sample - ANSWERSevery member in the population has an equal chance of being chosen
100% Correct Answers 2024/2025
statistics - ANSWERSmathematical science that deals with the collection, analysis, and presentation of
data, which can then be used as a basis for the inference and induction
how business use statistics - ANSWERSmarketing research, advertising, operations, and finance &
economics
data - ANSWERSvalues assigned to observations or measurements
information - ANSWERSdata that are transformed into useful facts that can be used for a specific
purpose,such as making a decision
primary data - ANSWERSdata that you have collected on your own
secondary data - ANSWERSdata collected by someone else
qualitative data - ANSWERSclassified by descriptive terms
nominal & ordinal
quantitative data - ANSWERSdescribed by numerical values
interval & ratio
nominal scale - ANSWERSclassifies data into distinct categories in which no ranking is implied
ordinal scale - ANSWERSclassifies data into distinct categories in which ranking is implied
, interval scale - ANSWERSordered scale in which the difference between measurements is a meaningful
quantity but the measurements do not have a true zero point
ratio scale - ANSWERSordered scale in which the difference between the measurements is a meaningful
quantity and the measurements have a true zero point
time series data - ANSWERSvalues that correspond to specific measurements taken over a range of time
periods
cross section data - ANSWERSvalues collected from a number of subjects during a single time period
descriptive statistics - ANSWERScollecting, summarizing, and displaying data
inferential statistics - ANSWERSmaking claims or conclusions about the data based on a sample
population - ANSWERSrepresents all possible subjects that are of interest in a particular study
sample - ANSWERSrefers to a proportion of the population
parameter - ANSWERSa described characteristic about a population
statistic - ANSWERSa described characteristic about a sample
biased sample - ANSWERSa sample does not represent the intended population
probability sample - ANSWERSeach member in the population has a known nonzero, chance of being
selected
simple random sample - ANSWERSevery member in the population has an equal chance of being chosen
