C207 Keywords & Quizzes

There are three teachers and they each have a class they want to study so which tool makes the most sense?

ANOVA- it looks at three or more groups of data to see if any of the groups are different from the other statistically

Which tool? Minimize production costs of two products sharing an assembly line while meeting marketing targets.

linear programming

Linear regression can help us discover which? Causation, correlation, variation, probability

correlation

Which tool? Do ice-cream sales go up when the temperature is higher?

linear regression

Cluster analysis helps a marketing department do which?

group customers

Which distribution has a mean and median that are nearly equal?

normal

Which tool? Launching a new product, a CEO wants to know how much money they will spend before gross income is positive.

Breakeven analysis

Which tool? A manager wants to analyze a new type of factory setup without building the factory.

stimulation

The temperatures in our sample remains within a consistent range between high and low.

homoscedasticity

If store sales are $100,000 per month with a standard deviation of $10,000, what is the probability that sales will be less than $70,000?

0.5%

Which tool? Customers wants to choose one of three vendors based upon their forecasted demand for next year.

crossover analysis

Which tool? Housing prices are forecast by size of the home and lot and number of bedrooms and bathrooms, which are related to each other.

multiple regression (4 different x variables to determine the y variable which is the price of the house)

The manager is concerned the sales forecast is too high because the economy is slowing down.

cyclicality

Which describes the level of variation in a set of data?

standard deviation

Which reveals the probability of being wrong if we reject the null hypothesis?

p-value

Chi-square helps understand which question? Next quarter’s sales, police interaction deaths, production mix, quality control

police interaction deaths

Which describes the fact that today’s weather is related to yesterday’s weather?

autocorrelation

Z= -1. What is the probability sales will be at or below this level?

.17

At a confidence level of 95%, which p-value would cause us to reject the null hypothesis?

0.01

Which part of a linear regression is the independent variable?

x variable

Housing prices are forecast by size of the home and lot and number of bedrooms and bathrooms, which are related to each other.

collinearity

Which of these uses the normal distribution to watch for unusual occurrences?

quality control

F-Critical = 3. For which calculated F should we not reject the null hypothesis?

2

Demand = 400 + 50X, where “X” is the price. If the company wants to sell 1000 units, what should the price be?

12

If the upper tail of bell curve only happens 2.5% of the time, which value of Z would we use?

1.96

Which value of R would tell us that our model is complete enough to be accurate?

-.8

Startup costs = $5000, per unit costs $1, revenues per unit = $2. What is the breakeven volume?

5000

Which of these is a possible value of R-squared?

0.7

Mechanic averages 10 oil changes a day with a standard deviation of 5. How probable is it to have more than 15 oil changes in a day?

.17

Regression equation: Y = 20 + 100X1. If the variable equals 5, what is the forecast?

520

the process of discovering hidden patterns, correlations, and useful insights from large datasets using machine learning, statistics, and database systems

data mining

refers to extremely large and complex sets of information that traditional data processing methods can't easily handle. It is often described by the "three Vs":

• Volume: The huge amount of data available.

• Velocity: The speed at which data is generated and processed, often in real-time.

• Variety: The different types of data formats, like tweets, videos, texts, and more.

big data

What does alternative financing for small businesses typically involve?

peer-to-peer lending

What is a blockchain?

a collection of blocks of data, with each block linked to the preceding block by containing that preceding block’s hash

What is not an example of 'Fintech?'

transferring money from a bank in one country to a bank in another country using a SWIFT code

The security measures for a traditional banking system include all of the following except __.

consensus programs

The necessary characteristics of a reliable currency include all of the following except __.

the existence of a physical commodity like a precious metal backing the currency

In Data Mining, what is the primary source of the data?

data from running the business

The best way to master data mining is to memorize the standard step by step recipe for each project type.

false

Which type of data is this: For example, the date of purchase may be recorded in an eight-digit format such as MM/DD/YYYY. A researcher can search for all products purchased on a day, month, or year based on defining the criteria for this field.

structured

Which type of data is this: A product description on a website may have the allowable space of 2,000 characters, a consumer may search for key phrases or words within the 2,000-character description, but this might not return exact matches for what is being searched for.

unstructured

What are the four levels of measurement?

Nominal, ordinal, interval, and ratio. (NOIR)

What distinguishes nominal from ordinal data?

Nominal data are categories without a logical order, while ordinal data have a logical sequence.

Why is 'type of car' considered to be ordinal data?

Because it can be ranked from smallest to largest or by levels of luxury.

What type of data are car colors (red, yellow, blue)?

Nominal data, as they cannot be logically sequenced.

How do you tell apart interval and ratio data?

By examining if zero is a placeholder (interval) or signifies absence (ratio).

What makes the miles a car can travel ratio data?

Because zero miles indicates the absence of travel, not just a placeholder.

What type of data is the price of cars?

Ratio data, because zero dollars signifies an absence of cost.

What should you do when encountering data?

Ask yourself if the data is nominal, ordinal, interval, or ratio.

What is one of the ways that you can determine the relevance of evidence given to you?

Ask how the information helps with the issue at hand.

Selena plans to buy a new software package for her team based on her own research, but her manager wants her to purchase different software. What is the risk of going with her manager's preference?

authority bias

When using the RRV tool to help you with critical thinking, what role does validity play?

It determines the accuracy of the measure.

What are you doing when you use critical thinking?

validating evidence and assumptions

How can you determine whether a convincing argument is valid?

Confirm that the evidence is accurate.

What does data management include?

Data management includes cleaning and organizing data before transforming it into information for decision-making.

What is an omission error?

An omission error occurs when a field is left blank, which can be identified by sorting data to find empty fields.

What is an out-of-range error?

An out-of-range error occurs when a data point is not within the correct parameters or range, such as a birth year outside the specified range.

How can sorting data in a spreadsheet help identify errors?

Sorting data allows for easy identification of empty fields and out-of-range values through organization by highest to lowest value or other criteria.

What is a common method for exporting data for analysis?

Data is often exported into spreadsheets or other software packages to facilitate sorting and analysis.

How can you identify missing data when shopping for cars online?

Missing data can be spotted when sorting by price reveals values like $- or $0, indicating incomplete data entry.

How are data tables organized in a relational database?

Data tables are organized by tables and rows, allowing for sorting data by specific criteria, such as birth year.

What is an example of a random error?

An error that resolves itself without intervention, such as a computer needing to be restarted after a lightning storm.

What is an example of a systematic error?

An error that requires intervention to correct, such as a computer being completely fried and needing to be replaced after a lightning storm.

What type of error is caused by consistently failing to enter important data in records?

Systematic error, as omitting data means it will always result in a lack of available information when needed.

What characterizes a systematic error?

It occurs when there is a consistent omission or mistake in data collection that requires correction to fix.

How does a random error differ from a systematic error?

Random errors resolve themselves without any need for intervention, while systematic errors require fixing before they can be resolved.

What are the two types of research design?

Observational study and experimental study.

What is the key difference between observational studies and experimental studies?

Whether there is a control group or treatment assigned.

What is a cohort study?

An observational study that allows participants to be observed in a natural environment without a treatment.

What elements are present in an experimental study?

Unit, treatment, and response. (correct)

What might a medical researcher do in a cohort study?

Observe and document the symptoms of patients diagnosed with the same virus over a specific period without providing treatment.

What characterizes a quasi-experimental design in observational studies?

It compares two groups under different conditions without randomly assigned treatment and control groups.

What are the three elements of an experimental study?

the unit, the treatment, and the response

In an experimental study involving patients, what does the term 'unit' refer to?

refers to the individual (e.g., a patient) receiving the treatment.

What is a placebo?

a substance that resembles the treatment being studied but has no therapeutic effect, used to eliminate bias.

What is blinding in an experimental study?

the practice of keeping the participant unaware of whether they are receiving the actual treatment or a placebo.

What distinguishes a double-blind study from a single-blind study?

In a double-blind study, both the participants and the person administering the treatment are unaware of who receives the treatment or placebo.

What is the significance of the 'response' element in an experimental study?

The response refers to the measurements or outcomes observed after the treatment is administered.

What type of study is characterized by influencing a change and providing a treatment?

This type of study is an experimental study.

What is an observational study?

where the researcher observes and records information without influencing or providing a treatment.

If customers do not know they are tasting gluten-free donuts, what type of study is it?

a blind study

What are the characteristics of a cohort study?

A cohort study is observational, comparing two groups under different conditions without randomly assigned treatments.

Why do researchers usually select a sample instead of studying an entire population?

Populations are often too large, time-consuming, and expensive to study completely.

What is a sample?

A smaller group selected from a population to represent that population in a study.

What is random sampling?

A sampling method in which every individual in the population has an equal opportunity of being selected.

What is a simple example of random sampling?

Putting everyone's names in a hat and blindly selecting names.

Why is random sampling important?

It helps reduce bias and makes the sample more representative of the population.

Why does sample size matter?

A sample needs to be large enough to accurately represent the population.

What rule of thumb does the material give for estimating sample size?

Start by taking the square root of the population size, although this may not always be the ideal sample size.

If the population contains 1,000,000 people, what sample size would the square-root rule suggest?

1,000 people, because √1,000,000 = 1,000.

Why must a sample represent the intended population?

So researchers can reasonably make conclusions or inferences about that entire population.

If researchers want to make an inference about all graduate students in the United States, why shouldn't they sample only one university?

One university would not adequately represent graduate students throughout the entire United States.

What is response bias?

Bias that occurs when participants do not provide truthful or accurate answers because of factors such as who is asking or how a question is presented.

What is one way to reduce response bias?

Use an anonymous survey.

How can using a third party reduce response bias?

Participants may feel more comfortable giving truthful answers to an independent third party than to a supervisor or HR department.

What should researchers avoid when writing survey questions?

Benefits or incentives tied to a certain answer and persuasive or leading language.

Why should persuasive language be avoided in research questions?

It can lead participants toward an answer they might not have chosen independently.

What is conscious bias in the context of the material?

Bias that can be introduced intentionally through things such as persuasive wording or offering benefits for giving a particular answer.

What is measurement bias according to the material?

Bias related to how the sample is collected or selected.

What is information bias according to the material?

Bias resulting from collecting untruthful or distorted information, including response bias or conscious bias.