Exam 1: Introduction to Statistics

You are the owner of a camping site and want to estimate the average age of your customers.For this purpose, you select a representative sample of your clients and offer them a discount on their next visit as compensation for filling out a short questionnaire that includes relevant age intervals.The average age of your customers being estimated through these responses is:

The lowest level of data measurement is the ratio-level.

Which of the following would not be a potential source of data for a furniture manufacturing business?

Which scale of measurement has these two properties: linear distance is meaningful and the location of origin (or zero point)is arbitrary?

Using data from a group to generalize about the whole group involves the use of ___.

If it were not for the existence of an "absolute zero," ratio data would be considered the same as ___.

A company wishes to establish a system that can continually and automatically process new data to improve recommendations and provide better decision options, you are likely dealing in the area of ______________.

A level of data measurement that has an absolute zero is called ___.

Manuel Banales, Marketing Director of Plano Power Plants, Inc.'s Electrical Division, is leading a study to identify and assess the relative importance of product features.Manuel directs his staff to design a survey questionnaire and distribute it 100 of Plano's 954 customers.Manuel is ordering a ___.

Which is not a primary goal of data mining?

Data mining involves finding data, converting that data into useful forms, storing and managing the data and making the data available to all employees of the organization.

Manuel Banales, Marketing Director of Plano Power Plants, Inc.'s Electrical Division, is directing a study to identify and assess the relative importance of product features.Manuel directs his staff to design a survey questionnaire for distribution to 100 of Plano's 954 customers.For this study, the set of 100 customers is ___.

Jessica Salas, president of Salas Products, is reviewing the warranty policy for her company's new model of automobile batteries.Life tests performed on a sample of 100 batteries indicated an average life of seven years under normal usage.Jessica recommended a six-year warranty period for the new model.This is an example of ___.

Simulation is a mathematical strategy one would expect to find within both predictive and prescriptive analytics.

Which types of data are normally used with nonparametric statistics?

Simulation, statistical modeling, time-series and regression are topics in ____________.

The process of turning large amounts of raw data into information that may lead to business advantages is data mining.

The main objective of business analytics is to transform data into meaningful information for business managers.

Numbers which are used to classify or categorize the observations represent data measured at the nominal level.

A census is the process of gathering data on all the entities in the population.