Sampling and Statistical Inference Quiz

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What is the main difference between descriptive analytics and inferential analytics?

Descriptive analytics deals with unknown data, while inferential analytics deals with known data based on a sample

Descriptive analytics uses a sample to make inferences, while inferential analytics uses the entire dataset for analysis

Descriptive analytics focuses on future predictions, while inferential analytics focuses on past observations

Descriptive analytics deals with known data, while inferential analytics deals with unknown data based on a sample (correct)

What is the role of the frame in sampling?

The frame is irrelevant when considering the population for sampling

The frame is the list of the population and is critical for drawing a sample (correct)

The frame is used to define the population and is not essential for sampling

The frame is only used in inferential analytics and not in descriptive analytics

What does the term 'population' refer to in sampling?

The entire dataset used for descriptive analytics

The subset of data used for making inferences

The underlying dataset from which information is gathered (correct)

The dataset used for future predictions

In inferential analytics, what does the term 'frame' represent?

The list of the population that makes up the entire data set of interest Signup and view all the answers

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population:the underlying data set that we want to gather information on Signup and view all the answers

What is the term used to describe the statistical error that occurs when a representative random sample is smaller than the population?

Sampling error Signup and view all the answers

How does sampling error change in relation to sample size?

It decreases as the sample size increases Signup and view all the answers

What term is used to describe how close a sample mean is to the population mean?

Accuracy Signup and view all the answers

What does survivorship bias entail?

Focusing on and sampling only what is visible, while ignoring failures that are no longer apparent Signup and view all the answers

How does survivorship bias affect research in the technology industry over the past decade?

It may lead to biased conclusions by focusing on existing successful companies and neglecting those that have failed Signup and view all the answers

Sampling and Statistical Inference Quiz

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Questions and Answers

What is the main difference between descriptive analytics and inferential analytics?

What is the role of the frame in sampling?

What does the term 'population' refer to in sampling?

In inferential analytics, what does the term 'frame' represent?

1

What is the term used to describe the statistical error that occurs when a representative random sample is smaller than the population?

How does sampling error change in relation to sample size?

What term is used to describe how close a sample mean is to the population mean?

What does survivorship bias entail?

How does survivorship bias affect research in the technology industry over the past decade?

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