BNAL 206 OBJECTIVES
GETTING STARTED, Ch. GS
1. List the five tasks used as a framework to help apply statistics to do business decision making.
a. Define the data you want to study in order to solve a problem or meet an objective
b. Collect the data from appropriate sources
c. Organize the data collected by developing tables
d. Visualize the data by developing charts
e. Analyze the data collected to reach conclusions and present results
2. Define the following terms
a. Variable A characteristic of an item or individual.
b. Data The set of individual values associated with a variable.
c. Statistics The methods that help transform data into useful information for decision makers.
d. Descriptive Statistics Collecting, summarizing, presenting and analyzing data
e. Inferential Statistics Using data collected from a small group to draw conclusions about a larger group
3. List three things Business Analytics enables you to do.
a. Use statistical methods to analyze and explore data to uncover unforeseen relationships.
b. Use management science methods to develop optimization models that impact an organization’s strategy, planning, and operations.
c. Use information systems’ methods to collect and process data sets of all sizes, including very large data sets that would otherwise be hard to examine efficiently.
4. State what the term “Big Data” implies about data.
· Big Data” is still a fuzzy concept.
· Very large data sets are arising because of the automatic collection of high volumes of data at very fast rates.
· Older statistical techniques are often times impractical with big data.
BNAL 206 OBJECTIVES
DEFINING AND COLLECTING DATA, CH. 1
1. Define the term “operational definition”.
a. An operational definition is a clear and precise statement that provides a common understanding of meaning
b. In the absence of an operational definition miscommunications and errors are likely to occur.
c. Arriving at operational definition(s) is a key part of the Define step of DCOVA
2. Differentiate between Categorical (qualitative) and Numerical (quantitative) Data.
a. Categorical (qualitative) variables have values that can only be placed into categories, such as “yes” and “no.”
b. Numerical (quantitative) variables have values that represent a counted or measured quantity.
3. Differentiate between Discrete and Continuous Data.
a. Discrete variables arise from a counting process
b. Continuous variables arise from a measuring process
4. Define the following terms as related to statistics, and be able to identify the appropriate ones from a given scenario:
a. Population A population consists of all the items or individuals about which you want to draw a conclusion. The population is the “large group”
b. Sample A population consists of all the items or individuals about which you want to draw a conclusion. The population is the “large group”
c. Parameter- population Summary measures...