Basic Statistics for Business and Economics - Chapter 1-4 Exam Questions and Correct Answers Latest Update 2024 (Already Passed)

Basic Statistics for Business and Economics - Chapter 1-4 Exam Questions and Correct Answers Latest Update 2024 (Already Passed) Statistics - Answers The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions. Descriptive Statistics - Answers Methods of organizing, summarizing, and presenting data in an informative way. Inferential Statistics - Answers A decision, estimate, prediction, or generalization about a population, based on a sample. Population - Answers The entire set of individuals or objects of interest, or the measurements obtained from all individuals or objects of interest. Sample - Answers A portion, or part, of the population of interest. Qualitative Variable - Answers Characteristic being studied is non-numeric. Quantitative Variable - Answers Information is reported numerically. Discreet Variable - Answers Can only assume certain values, and there are usually "gaps" between values. Ex. Number of bedrooms in a house (1,2,3...) Continuous Variable - Answers Can only assume any value within a specified range. Ex. Pressure of a tire, height of students. Four Levels of Measurement - Answers Nominal, Interval, Ordinal, Ratio Nominal Level - Answers Data that is classified into categories and cannot be arranged in any particular order. Can only be classified and counted, with no particular order. Ex. What workers want (percentages) Interval Level - Answers Similar to the ordinal level, with the additional property that meaningful amounts of differences between data values can be determined. There is no natural zero point. Ex. Women's dress sizes ordered on a table. Ordinal Level - Answers Data arranged in some order, but the differences between data values cannot be determined or are meaningless. Represented by sets of labels or names (high, medium, low) that have relative values. Classified data can be ranked or ordered. Ex. Professor rating of Superior - Inferior. Ratio Level - Answers The interval level with an inherent zero starting point. Differences and ratios are meaningful for this level. "Highest" level of measurement. (Practically all quantitative data is recorded on the ratio level) Ex. Number of patients seen, sales calls made. Frequency Table - Answers A grouping of qualitative data into mutually exclusive classes showing the number of observations in each class. Bar Chart - Answers A graph in which the classes are reported on the horizontal axis and the class frequencies on the vertical axis. The class frequencies are proportional to the heights of the bars. Pie Chart - Answers A chart that shows the proportion or percent that each class represents of the total number of frequencies. Frequency Distribution - Answers A grouping of data into mutually exclusive classes showing the number of observations in each class. Relative Frequency - Answers Captures the relationship between a class total and the total number of observations. Class Interval - Answers Obtained by subtracting the lower limit of a class from the lower limit of the next class.