Section 1.1
The application of statistical techniques and algorithms to the analysis of large data sets.
What is Data Mining?
Questions that require the respondent to select from a short list of defined choices.
What are closed-ended questions?
A method by which the population is divided into groups, or clusters, that are each intended to be mini-populations. A simple random sample of m clusters is selected. The items chosen from a cluster can be selected using any probability sampling technique.
What is Cluster Sampling?
A set of data values observed at a fixed point in time.
What is Cross-Sectional Data?
The set of all objects or individuals of interest or the measurements obtained from all objects or individuals of interest.
What is a Population?
The application of tools and technologies for gathering, storing, retrieving, and analyzing data that businesses collect and use
What is Business Analytics
Questions relating to the respondents' characteristics, backgrounds, and attributes.
What are Demographic Questions?
A sampling technique that selects the items from the population based on accessibility and ease of selection.
What is Convenience Sampling?
A set of consecutive data values observed at successive points in time.
What is Time-Series Data?
A subset of the population
What is a Sample?
A collection of procedures and techniques that are used to convert data into meaning information in a business environment.
What is Business Statistics?
Questions that allow respondents the freedom to respond with any value, words, or statements of their own choosing.
What are opened ended questions?
A method of selecting items from a population such that every possible sample of a specified size has an equal chance of being selected.
What is Simple Random Sampling?
Data whose measurement scale is inherently categorical.
An enumeration of the entire set of measurements taken from the whole population.
What is a Census?
Techniques that can be used to graphically analyze data. Hint: two types of charts and graphs summarized in section 1.1
What are Bar charts and histograms?
Interviews in which the questions are scripted
What are Structured Interviews?
A statistical sampling method in which the population is divided into subgroups called strata so that each population item belongs to only one stratum. The objective is to form strata such that the population values of interest within each stratum are as much alike as possible. Sample items are selected from each stratum using the simple random sampling method.
What is Stratified random sampling?
Measurements whose values are inherently numerical
What is Quantitative Data?
Those methods of selecting samples using convenience, judgment, or other nonchance processes.
What are Nonstatistical Sampling Techniques?
Software used in this class to store and analyze data.
What is Excel?
Interviews that begin with one or more broadly stated questions, with further questions being based on the responses.
What are Unstructured Interviews?
A statistical sampling technique that involves selecting every kth item in the population after a randomly selected starting point between 1 and k. The value of k is determined as the ratio of the population size over the desired sample size.
What is Systematic Random Sampling?
The lowest form of data, yet you will encounter this type of data many times.
What is Nominal Data?
Those sampling methods that use selection techniques based on chance selection.
What are Statistical Sampling Techniques?