SCM Chapter 1- February 10th

Question 1

Statistics

Answer 1

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.

Question 2

Data

Answer 2

are the values assigned to observations or measurments and are the building blocks of statistical analysis.

Question 3

Information

Answer 3

is data that are transformed into useful facts that can be used for a specific purpose, such as decision making.

Question 4

Primary Data

Answer 4

are data that you have collected for your own use.

Question 5

Secondary Data

Answer 5

are data collected by someone else that you are “borrowing”

Question 6

Direct Observation

Answer 6

is a method of gathering data while the subjects of interest are in their natural environment, often unaware they are being watched.

Question 7

Focus Group

Answer 7

is a direct observational technique whereby individuals are paid to discuss their attitudes toward products or services in a group setting controlled by a moderator.

Question 8

Experiment

Answer 8

subjects are exposed to certain treatments and the data of interest are recorded.

Question 9

Survey

Answer 9

involves directly asking people a series of questions and can be administered by e-mail, via the Web, thru snail mail, face to face, or over the phone.

Question 10

Quantitative Data

Answer 10

use numerical values.

• discrete
• continuous

Question 11

Qualitative Data

Answer 11

relies on descriptive terms to describe something of interest.

• marital status
• political party
• eye color

Question 12

Nominal Data

Answer 12

are data that are described as a category or label.

• basic analysis
• categorical codes

Question 13

Ordinal Data

Answer 13

have all the properties of nominal data, with the added feature that we can rank-order the values from highest to lowest.

• rankings
• mid level analysis

Question 14

Interval Data

Answer 14

are strictly quantitative, allow us to measure the differences between the categories with actual numbers in a meaningful way.

• constant difference
• ratios not reasonable

Question 15

Ratio Data

Answer 15

have all the features of interval data, with the added benefit of having a true zero point.

• make sense
• complete analysis

Question 16

Time Series Data

Answer 16

are values that correspond to specific measurements taken over a range of time periods.

Question 17

Cross-Sectional Data

Answer 17

are values collected from a number of subjects (firms, individual, states, regions, and so fourth) during a single time period.

Question 18

The Purpose of a Descriptive Statistic

Answer 18

is to summarize, or display, data so we can quickly get an overview of the information.

Question 19

Inferential Statistics

Answer 19

allows us to make claims or conclusions about the data based on a sample of them.

Question 20

A Population

Answer 20

represents all possible subjects of interest.

Question 21

A Sample

Answer 21

is a subset of a population.

Question 22

Parameter

Answer 22

is data that describes a characteristic about a population.

Question 23

Statistics

Answer 23

is data that describes a characteristic about a sample.

Question 24

Biased Sample

Answer 24

is a sample that does not represent the intended population and that can lead to distorted findings, can occur either intentionally or unintentionally.

Question 25

Descriptive Statistics

Answer 25

the branch of statistics that focuses on summarizing, or displaying data.

• collect
• present
• characterize

Question 26

Inferential Statistics

Answer 26

the field of statistics that allows us to make claims or conclusions about a population based on a sample of data from that population.

• estimate
• test claim
• will always have a sample

Question 27

Quantitative Discrete

Answer 27

counted items

• number of children
• defects per hour

Question 28

Quantitative Continuous

Answer 28

measured characteristics

• weight
• voltage
• money