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SKBD101 > Introduction To Statistics > Flashcards

Introduction To Statistics Flashcards

1
Q

Why is it important to study statistics?

A

Answer: Data is everywhere, and statistical techniques help make informed decisions.

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2
Q

List 4 applications of statistical concepts in the business world.

A

Answer: Finance, Marketing,Operating Management, Personnel.

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3
Q

Name one statistical technique used in Finance.

A

Answer: Correlation and regression.

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4
Q

What statistical methods are used in Marketing?

A

Answer: Hypothesis testing, chi-square tests, nonparametric statistics.

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5
Q

Which statistical techniques are applied in Personnel management?

A

Answer: Hypothesis testing, chi-square tests, nonparametric tests.

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6
Q

What methods are used in Operating Management?

A

Answer: Hypothesis testing, estimation, analysis of variance, time series analysis.

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7
Q

Which of the following is a reason to study statistics?
a. Data is rare
b. Statistical techniques are irrelevant
c. Data is everywhere
d. Decisions are not influenced by data

A

Answer: c. Data is everywhere

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8
Q

Which statistical technique is used in Finance?

a. Hypothesis testing
b. Index numbers
c. Chi-square tests
d. Nonparametric tests

A

Answer: b. Index numbers

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9
Q

What is a common statistical method used in Marketing?
a. Estimation
b. Time series analysis
c. Chi-square tests
d. Index numbers

A

Answer: c. Chi-square tests

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10
Q

In which area is hypothesis testing commonly used?
a. Marketing
b.
c. Personnel
d.Operating Management
E. All of the above

A

Answer: E. All of the above

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11
Q

Which of the following methods is used in Operating Management?
a. Nonparametric statistics
b. Correlation and regression
c. Analysis of variance
d. Index numbers

A

Answer: c. Analysis of variance

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12
Q

AI COP

What is the science of statistics concerned with?

A

Answer: Collection, organizing, presenting, analyzing, and interpreting data to assist in decision-making.

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13
Q

Define descriptive statistics.
TOS

A

Answer: Methods of organizing, summarizing, and presenting data in an informative way.

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14
Q

What is inferential statistics used for?
TOS

A

Answer: To determine something about a population based on a sample.

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15
Q

What is the difference between a population and a sample?

A

Answer: A population is the entire set of individuals or objects of interest, while a sample is a portion of the population.

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16
Q

What is inference in statistics?

A

Answer: The process of drawing conclusions or making decisions about a population based on sample results.

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17
Q

What are the two types of sampling methods?

A

Answer: Random and nonrandom sampling methods.

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18
Q

MSI

What is the main purpose of statistical analysis?

A

To manipulate, summarize, and investigate data for decision-making

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19
Q

Which of the following is an example of a sampling method with replacement?
a. Lottery ticket selection
b. Picking a candy from a bowl
c. Randomly selecting a survey participant
d. Choosing a contestant for a game show

A

Answer: b. Picking a candy from a bowl

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20
Q

What is a simple random sample?
a. A sample where each member has an unequal chance of being selected
b. A sample where each sample of the same size has an equal chance of being selected
c. A sample taken from specific strata of the population
d. A sample where all members from selected clusters are included

A

Answer: b. A sample where each sample of the same size has an equal chance of being selected

21
Q

Which sampling method involves dividing the population into groups and sampling each group?
a. Systematic sampling
b. Stratified sampling
c. Cluster sampling
d. Convenience sampling

A

Answer: b. Stratified sampling

22
Q

What is a key characteristic of random sampling methods?
a. Each member of the population has an equal chance of being selected
b. Samples are selected based on prior experience
c. Samples are chosen based on the researcher’s judgment
d. Sampling involves non-random methods

A

Answer: a. Each member of the population has an equal chance of being selected

23
Q

What are the three main tasks in descriptive statistics?

A

Answer: Collect data, present data, summarize data.

24
Q

What is the difference between primary and secondary data?

A

Answer: Primary data are collected specifically for the analysis desired, while secondary data have already been compiled and are available for analysis.

25
Q

Define a variable and a constant.

A

Answer: A variable can take on many different numerical values, whereas a constant has a fixed numerical value.

26
Q

What are the two main categories of data?

A

Answer: Qualitative : data are measurements that each fall into one of several categories. (hair color, ethnic groups and other attributes of the population)

Quantitative : data are observations that are measured on a numerical scale (distance traveled to college, number of children in a family, etc.)

27
Q

Name two subgroups of qualitative data.

A

Answer: Dichotomic and polynomic.

28
Q

What are the two subgroups of quantitative data?

A

Answer: Discrete and continuous.

29
Q

What is the difference between interval and ratio scales?

A

Answer: Interval scales have a constant size between numbers, but no true zero point; ratio scales have a constant size between numbers and a true zero point.

30
Q

What is a frequency distribution?

A

Answer: A numerical presentation of quantitative data showing the frequency of occurrences in each category.

31
Q

List the steps for constructing a frequency distribution.

A

Answer: Determine the number of classes, size of each class, starting point for the first class, tally the number of values, prepare a table.

32
Q

What is cumulative frequency?

A

Answer: The total number of occurrences that lie above or below certain key values.

33
Q

Which type of data is described by words or letters?
a. Quantitative
b. Qualitative
c. Discrete
d. Continuous

A

Answer: b. Qualitative

34
Q

What type of quantitative data results from measuring?
a. Discrete
b. Continuous
c. Dichotomic
d. Polynomic

A

Answer: b. Continuous

35
Q

What is the primary difference between nominal and ordinal scales?
a. Nominal scales have categories with no order, while ordinal scales have categories with a specific order.
b. Nominal scales have a true zero point, while ordinal scales do not.
c. Ordinal scales use numerical measurements, while nominal scales use categories.
d. Nominal scales are used for qualitative data, while ordinal scales are used for quantitative data.

A

Answer: a. Nominal scales have categories with no order, while ordinal scales have categories with a specific order.

36
Q

Which of the following is a step in constructing a frequency distribution?
a. Determine the number of categories
b. Calculate the mean of the data
c. Perform hypothesis testing
d. Use inferential statistic

A

Answer: a. Determine the number of categories

37
Q

What does relative frequency represent in a frequency table?

A

The proportion of occurrences in each class relative to the total number of occurrences

38
Q

What type of data is best presented using a histogram?

A

Interval and ratio data.

39
Q

How is a frequency polygon different from a histogram?

A

Answer: A frequency polygon uses points connected by lines to show frequencies, while a histogram uses adjacent bars.

40
Q

What does an ogive graph represent?

A

Answer: An ogive graph represents a cumulative frequency distribution, showing how many observations lie above or below certain values.

41
Q

When is a pie chart most effective?

A

Answer: When displaying the percentage breakdown of data by category.

42
Q

What type of data is best visualized with a bar chart?

A

Answer: Nominal and ordinal scaled data.

43
Q

What does a time series graph display?

A

Answer: Data measured over time, with time periods on the horizontal axis and numerical values on the vertical axis.

44
Q

Which graph is used to present cumulative frequency distributions?
a. Histogram
b. Frequency polygon
c. Ogive
d. Pie chart

A

Answer: c. Ogive

45
Q

What is the primary use of a pie chart?
a. To show the percentage breakdown of data by category
b. To display data measured over time
c. To compare multiple distributions
d. To summarize interval data

A

Answer: a. To show the percentage breakdown of data by category

46
Q

Which type of graph uses adjacent bars to represent frequencies?
a. Frequency polygon
b. Pie chart
c. Bar chart
d. Histogram

A

Answer: d. Histogram

47
Q

What is the key feature of a bar chart?
a. Bars are adjacent with no gaps
b. Bars are positioned vertically with gaps between them
c. Lines connect points to show frequencies
d. It plots cumulative frequencies

A

Answer: b. Bars are positioned vertically with gaps between them

48
Q

In which graph would you see data points connected by lines?
a. Histogram
b. Pie chart
c. Frequency polygon
d. Time series graph

A

Answer: c. Frequency polygon

SKBD101 (1 decks)

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