16 Questions
What is the primary focus of statistics?
Collecting, analyzing, presenting, and interpreting data
Which type of analysis uses models constructed from past data to predict the future?
Predictive analysis
What is the primary goal of business analytics?
To transform data into insight for making better decisions
In business analytics, what does prescriptive analysis yield?
A best course of action to take
What is the scope of business analytics in Example 1.1 Retail Markdown Decisions?
Reducing prices to clear seasonal inventory
What does analytics refer to in the context of business operations?
Data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models
Which type of analytics involves predicting sales based on price?
Predictive analytics
In the context of finance, what do financial advisors use to guide their investment advice?
Price-earnings ratios and dividend yields
What do economists use statistical information for in the field of economics?
Making forecasts about the future of the economy
What are the entities on which data are collected called?
Elements
What is the scale that indicates the data summarization and statistical analyses that are most appropriate?
Interval
Which scale of measurement includes nonnumeric labels or numeric codes to identify an attribute of an element?
Nominal
What does a data set with n elements contain?
$n$ elements
What type of statistical information helps administrators assess the performance of computer networks?
Other relevant statistical information
What kind of applications use electronic point-of-sale scanners to collect data?
Marketing research applications
What do public accounting firms use when conducting audits for their clients?
Statistical sampling procedures
Study Notes
Primary Focus of Statistics
- The primary focus of statistics is to extract insights and make informed decisions from data.
Types of Analysis
- Predictive analysis uses models constructed from past data to predict the future.
- Business analytics involves descriptive, predictive, and prescriptive analysis.
- Prescriptive analysis in business analytics yields recommended actions or decisions.
Business Analytics
- The primary goal of business analytics is to drive business decisions and actions.
- In retail, business analytics is used to make decisions on markdowns, such as determining the optimal discount amount.
Analytics in Business Operations
- Analytics in the context of business operations refers to the practice of using data and statistical methods to drive business decisions.
Types of Analytics
- Predictive analytics involves predicting sales based on price and other factors.
- Financial advisors use statistical information to guide their investment advice in the field of finance.
Economics
- Economists use statistical information to understand economic trends and patterns.
Data Collection
- Entities on which data are collected are called elements.
- A data set with n elements contains n observations or data points.
Scales of Measurement
- The scale of measurement indicates the data summarization and statistical analyses that are most appropriate.
- Nominal scale includes nonnumeric labels or numeric codes to identify an attribute of an element.
Applications of Data
- Statistical information on network performance helps administrators assess the performance of computer networks.
- Retail applications use electronic point-of-sale scanners to collect data.
- Public accounting firms use statistical information when conducting audits for their clients.
Learn about the definitions and applications of statistics and business analytics in business and economic contexts. Understand how data, information technology, and quantitative methods are used to make informed managerial decisions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
