ISDS 361A Exam 1 Questions and Answers 100% Pass
Statistics ✔✔a way of getting information -helps make valid decisions.
Data ✔✔the facts and figures collected, analyzed, and summarized for presentation and interpretation
information ✔✔Data converted into a meaningful and useful context
business decisions ✔✔these include strategic decisions (very important ones which can affect the overall success of the business)
Business Analytics ✔✔the scientific process of transforming data into insight for making better business decisions.
Data science ✔✔Managing and analyzing massive sets of data for purposes such as target marketing, trend analysis, and the creation of individually tailored products and services. 1 / 2
Descriptive statistics ✔✔Data that is summarized and presented in a form that is easy for the reader to understand.-statistical information in newspapers, magazines, company reports, and other publications
--summaries of data which may be tabular, graphical, or numerical.
inferential statistics ✔✔statistics using data from a sample to make estimates and test hypotheses about the characteristics of a population.-goes beyond the data at our disposal.
-drawing conclusions. large set of data: population, which is based on smaller set of sample data.
population ✔✔the set of all elements of interest in a particular study.
sample ✔✔a subset of the population
Parameter ✔✔a descriptive measure of the population that is of interest.
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