Chapter 1: Data and Statistics

Question 1

Analytics

Answer 1

The scientific process of transforming data into insights for making better decisions.

Question 2

Big Data

Answer 2

A set of data that cannot be managed, processed, or analyzed with commonly available software in a reasonable amount of time. Big data are characterized by great volume (a large amount of data), high velocity (fast collection and processing), or wide variety (could include nontraditional data such as video, audio, and text).

Question 3

Categorical Data

Answer 3

Labels or names used to identify an attribute of each element. Categorical data use either the nominal or ordinal scale of measurement and may be nonnumeric or numeric.

Question 4

Categorical Variable

Answer 4

A variable with categorical data.

Question 5

Census

Answer 5

A survey to collect data on the entire population.

Question 6

Cross-sectional data

Answer 6

Data collected at the same or approximately the same point in time.

Question 7

Data

Answer 7

The facts and figures collected, analyzed, and summarized for presentation and interpretation.

Question 8

Data Mining

Answer 8

The process of using procedures from statistics and computer science to extract useful information from extremely large databases.

Question 9

Data Set

Answer 9

All the data collected in a particular study.

Question 10

Descriptive Analysis

Answer 10

Analytical techniques that describe what has happened in the past.

Question 11

Descriptive Statistics

Answer 11

Tabular, graphical, and numerical summaries of data.

Question 12

Elements

Answer 12

The entities on which data are collected.

Question 13

Interval Scale

Answer 13

The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Interval data are always numeric.

Question 14

Nominal Scale

Answer 14

The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Nominal data may be nonnumeric or numeric.

Question 15

Observation

Answer 15

The set of measurements obtained for a particular element.

Question 16

Ordinal Scale

Answer 16

The scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank of the data is meaningful. Ordinal data may be nonnumeric or numeric.

Question 17

Population

Answer 17

The set of all elements of interest in a particular study.

Question 18

Predictive Analytics

Answer 18

Analytical techniques that use models constructed from past data to predict the future or assess the impact of one variable on another.

Question 19

Prescriptive Analytics

Answer 19

Analytical techniques that yield a course of action.

Question 20

Quantitative Data

Answer 20

Numeric values that indicate how much or how many of something. Quantitative data are obtained using either the interval or ratio scale of measurement.

Question 21

Quantitative Variable

Answer 21

A variable with quantitative data.

Question 22

Ratio Scale

Answer 22

The scale of measurement for a variable if the data demonstrate all the properties of interval data and the ratio of two values is meaningful. Ratio data are always numeric.

Question 23

Sample

Answer 23

A subset of the population.

Question 24

Sample Survey

Answer 24

A survey to collect data on a sample.

Question 25

Statistical Inference

Answer 25

The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population.

Question 26

Statistics

Answer 26

The art and science of collecting, analyzing, presenting, and interpreting data.

Question 27

Time Series Data

Answer 27

Data collected over several time periods.

Question 28

Variable

Answer 28

A characteristic of interest for the elements.