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Business Analytics 1 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

The facts and figures collected, analyzed, and summarized for presentation and interpretation is known as

A

Data

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2
Q

A characteristic or a quantity of interest that can take on different values is known as

A

Variable

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3
Q

A set of values corresponding to a set of variables is known as

A

Observation

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4
Q

The difference in a variable measured over observations is known as

A

Variation

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5
Q

A quantity whose values are not
known with certainty is known as

A

Random variable/uncertain variable

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6
Q

What are the 7 types of data?

A

Population
Sample
Random Sampling
Quantitative Data
Categorical Data
Cross-sectional data
Time series data

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7
Q

What type of data is described as all elements of interest

A

Population

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8
Q

What type of data is described as a subset of the population

A

Sample

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9
Q

A sampling method to gather a
representative sample of the population data is known as

A

Random Sampling

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10
Q

What type of data is known as data on which numeric and
arithmetic operations, such as addition, subtraction,
multiplication, and division, can be performed

A

Quantitative Data

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11
Q

What type of data is known as Data on which arithmetic operations cannot be performed

A

Categorical Data

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12
Q

What type of data is known as data collected from several
entities at the same, or approximately the same, point
in time.

A

Cross-sectional data

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13
Q

What type of data is known as data collected over several time periods
-Graphs help analysts understand what happened in
the past, identify trends over time, and project
future levels for the time series.

A

Time Series Data

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14
Q

What kind of study requires a variable of interest to first be identified.
* Then one or more other variables are identified and
controlled or manipulated so that data can be obtained about how they influence the variable of interest

A

Experimental Study

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15
Q

What kind of study makes no attempt to control the variables of interest.
* A survey is perhaps the most common type of this study.

A

Nonexperimental Study

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16
Q

What are two examples of modifying data in excel?

A

Sorting and filtering data
Conditional Formatting Data

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17
Q

Step by step on how to sort data

A

To sort the automobiles by February 2018 sales:
* Step 1: Select cells A1:F21.
* Step 2: Click the Data tab in the Ribbon.
* Step 3: Click Sort in the Sort & Filter group.
* Step 4: Select the check box for My data has headers.
* Step 5: In the first Sort by dropdown menu, select Sales
(February 2018).
* Step 6: In the Order dropdown menu, select Largest to
Smallest.
* Step 7: Click OK

18
Q

Step by step on how to filter data

A

Sorting and Filtering Data in Excel (cont.):
* Using Excel’s Filter function to see the sales of models made
by Nissan:
* Step 1: Select cells A1:F21.
* Step 2: Click the Data tab in the Ribbon.
* Step 3: Click Filter in the Sort & Filter group.
* Step 4: Click on the Filter Arrow in column B, next to
Manufacturer.
* Step 5: If all choices are checked, you can easily deselect all choices by unchecking (Select All). Then select only the
check box for Nissan.
* Step 6. Click OK

19
Q

Step by step of how to use the conditional formatting of data

A

Makes it easy to identify data that satisfy certain conditions in a data set.
* To identify the automobile models in Table 2.2 for which sales had decreased from February 2018 to February 2019:
* Step 1: Starting with the original data shown in Figure 2.3, select
cells F1:F21.
* Step 2: Click on the Home tab in the Ribbon.
* Step 3: Click Conditional Formatting in the Styles group.
* Step 4: Select Highlight Cells Rules, and click Less Than… from the
dropdown menu.
* Step 5: Enter 0% in the Format cells that are LESS THAN: box.
* Step 6: Click OK

20
Q

What are 5 ways to create distributions from data?

A
  • Frequency Distributions for Categorical Data
  • Relative Frequency and Percent Frequency
    Distributions
  • Frequency Distributions for Quantitative Data
  • Histograms
  • Cumulative Distributions
21
Q

A summary of data that shows the number (frequency) of observations in each of several nonoverlapping classes.
* Typically referred to as bins, when dealing with distributions
This is known as?

A

Frequency distriubtion

22
Q

A tabular summary of data showing the relative frequency for each bin is known as

A

Relative frequency distribution

23
Q

What distribution data summarizes the percent frequency of the
data for each bin.

A

Percent Frequency distribution

24
Q

What are the 2 approaches to get a Frequency Distribution in Excel

A

1) Frequency Array Function for Quantitative Data
2) Histogram tool in Data analysis (preferrred)

25
Q

Step by step how to use frequency array function for quantitative data

A

Step 1 : Select the cells where you want the frequencies displayed.
Step 2 : Type the following formula (DO NOT HIT ENTER):
=FREQUENCY( data range : upper limit range )
Step 3 : Press CTRL+SHIFT+ENTER and the array formula will be entered in each cell you selected in step 1

26
Q

Lack of symmetry is known as

A

Skewness

27
Q

T/F- Skewness is an important characteristic of the shape of a
distribution

A

True

28
Q

What type of distribution data set provides information about the shape of a distribution

A

Histogram

29
Q

What are the 3 measures of location

A

Mean
Median
Mode

30
Q

What are the 5 measures of variability

A

Range
Interquartile Range
Variance
Standard Deviation
Coefficient of variation

31
Q

A measure of variability that utilizes all the data

A

Variance

32
Q

The square root of the variance is known as

A

Standard deviation

33
Q

What is a descriptive statistic that indicates how large the standard deviation is relative to the mean.
* Expressed as a percentage.

A

Coefficient of Variation

34
Q

What are the 6 analyzing distributions examples

A

Percentiles
Quartiles
Z-scores
Empirical Rule
Identifying Outliers
Box Plots

35
Q

The value of a variable at which a specified (approximate)
percentage of observations are below that value is known as

A

Percentile

36
Q

When the data is divided into four equal parts:
* Each part contains approximately 25% of the observations.
* Division points are referred to as quartiles
This is known as

A

Quartiles

37
Q

The difference between the third and first quartiles is often referred to as

A

Interquartile range

38
Q

What do you click to use absolute reference

A

F4

39
Q

Excel function for mean

A

=average(range)

40
Q

Excel function for median

A

=median(range)

41
Q
A

Business Analytics 1 (4 decks)

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