Sampling and Statistical Inference Quiz
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Questions and Answers

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?

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

    1

    <p>population:the underlying data set that we want to gather information on</p> 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?

    <p>Sampling error</p> Signup and view all the answers

    How does sampling error change in relation to sample size?

    <p>It decreases as the sample size increases</p> Signup and view all the answers

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

    <p>Accuracy</p> Signup and view all the answers

    What does survivorship bias entail?

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

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

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

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