MIS Exam

What is the definition of Statistics?

Collecting, organizing, summarizing, analyzing, and interpreting data for decision making.

What is Data?

Recorded facts, which can be numbers or labels.

What is a Data set?

All data in a study.

What are Elements (entities) in statistics?

Items measured in a study, such as people or products.

What are Variables?

Characteristics of elements, such as age or major.

What are Observations in statistics?

All variable values for one element, typically represented in a row.

What type of data is Nominal?

Labels only with no order, such as major, gender, or car type.

What characterizes Ordinal data?

Categories that have a specific order, like class rank or satisfaction.

What is Interval data?

Numeric data with equal differences but no true zero, such as temperature in Celsius.

What is Ratio data?

Numeric data with equal differences and a true zero, like income or age.

What does Categorical (Qualitative) data refer to?

Data represented by labels or names.

What is Quantitative data?

Data that is numeric.

What is Discrete data?

Counts that can only take certain numeric values, such as 0, 1, or 2.

What is Continuous data?

Data that can take any value within a range, like weight or time.

What is Cross-sectional data?

Data collected from multiple elements at one time, such as salaries of 50 employees in 2025.

What is Time-series data?

Data regarding one element collected across time, such as monthly sales from January to December.

What are the common data sources?

Internal company records, business databases, government agencies, industry associations, special-interest organizations, and the internet.

What is an Observational study?

A study where variables are observed but not controlled.

What is an Experimental study?

A study that manipulates variables to observe effects.

What is Descriptive statistics?

Statistics used to summarize data through tables, charts, or measures like the mean.

What is Statistical inference?

Using sample data to make inferences about a population.

What is a Population in statistics?

All elements of interest in a study.

What is a Sample?

A subset of the population.

What is a Census?

Data collected from the entire population.

What is a Sample survey?

A method for collecting data from a sample.

What are Descriptive analytics?

Analytics focused on understanding what has happened.

What is Predictive analytics?

Analytics aimed at determining what is likely to happen.

What does Prescriptive analytics entail?

Analytics focused on suggesting what actions should be taken.

What is Big Data?

Extremely large data sets that can be analyzed for insights.

What is Data warehousing?

The central storage of data that combines sources for analysis.

What is Data mining?

The automated discovery of patterns in large data sets.

What is the significance of ethical guidelines in statistics?

Guidelines, such as those developed by the American Statistical Association (ASA), ensure responsible practices in statistical reporting and analysis.