Qmb 3200 Exam 1 Graded A+ 2024

QMB 3200 Exam 1 Graded A+statistics - Ans-the mathematical science that deals with the collection, analysis, and presentation of data, which can then be used as a basis for inference and induction. Logical and intuitive.data - Ans-the foundation for statisticsValues assigned to observations or measurements.Raw facts and figures that pertain to a measurement of interest.information - Ans-data that are transformed into useful facts that can be used for a specific purpose, such as making a decision, making a sale, predicting patterns, etccan be done by observing patterns or trends in datadirect observation or focus group - Ans-1 of 3 types of primary data collectiondirect observation: Observing subjects in their natural environmentFocus group: asking a group to do somethingExample: Watching to see if drivers stop at a stop signexperiments - Ans-2 of 3 types of primary data collectionTreatments are applied in controlled conditionsExample: Crop growth from different plots using different fertilizerssurveys/questionnaires - Ans-3 of 3 types of primary data collectionSubjects are asked to respond to questions or discuss attitudesSubject to much biasExample: E-mail surveys to customers to assess service qualityqualitative (categorical) data - Ans-classified by descriptive termsbroken down into nominal and ordinalnominal: arbitrary labels. no ranking. Ex. zip