week 1 intro

Question 1

why do we need stats

Answer 1

make better, well informed decisions

Question 2

what has aided stats

Answer 2

modern day technology can preform large calculation, summerize lots of data

Question 3

applications for data analytics

Answer 3

prices, consumer segmentation, merchandising, location, social media

Question 4

examples of data collected to decide prices

Answer 4

income surveys, willing to pay what price surveys, attractiveness and demand

Question 5

example of merchandising stats

Answer 5

what quantities to stock, what was popular last year, is it popular this year

Question 6

what is data

Answer 6

raw information

Question 7

what is information

Answer 7

processed data

Question 8

what assists visualised graphs

Answer 8

a story

Question 9

what is done when graphs are visualized

Answer 9

Learning and actions taken

Question 10

flow for data mnemonic

Answer 10

DCOVA

Question 11

what does DCVOA stand for

Answer 11

Define problem
Collect data
Organise data
Visualise data
Analyse data and reach conclusions

Question 12

what does business analytics consist of

Answer 12

statistics, information systems, management science

Question 13

what is a variable

Answer 13

characters of an individual/item eg height/price

Question 14

what is a statistic

Answer 14

value that summerises the data of a particular variable eg average height,

Question 15

are statistics data or information

Answer 15

information

Question 16

what are descriptive statistics

Answer 16

statistics that help summarize data and understanding

Question 17

examples of descriptive statistics

Answer 17

mean , median, mode

Question 18

what are inferential statistics

Answer 18

collected from a smaller group to reach conclusions about a larger group eg voting exit polls