Principles of Business Analytics - Chapter 2

____ is the collection of facts and numbers used to analyze something or make decisions

• Beliefs
• Emotions
• Data
• Opinions

Data obtained by Schedule is secondary in nature

• True

• False

You are a businessman who wants to assess effectiveness of a new software and employee feedback on the same. The data generated in doing so is called as ____

• Complete enumeration

• Sample survey

• Designed experiment

• None of these

Complete enumeration is ____

• Picking a random item from a set
• Selecting only a few items from a set
• Choosing the first item from a set
• Listing all the possible combinations of a set of items

Sample survey means____

• A study that involves collecting data from a subset of a population
• A type of dessert made with custard and cake
• A method of predicting the future
• A type of research that involves studying the entire population

This is a disadvantage of complete enumeration

• Quick and efficient
• Requires minimal effort
• Saves time and resources
• Time-consuming and resource-intensive

Which of the below is an example of time series data?

• Average temperature of different cities
• Population of a country
• Height of different mountains
• Stock prices over a period of time

Which of the below is an example for cross sectional data?

• A survey conducted to gather information about people's favorite color
• A survey conducted to gather information about people's income, education level, and employment status at a particular time
• A study tracking the same group of individuals over a period of 10 years
• A report on the average temperature in a city over the past 50 years

Which of the below is an example for panel data?

• A dataset containing information on the same individuals or group of entities over multiple time periods

• A dataset containing information on unrelated variables over multiple time periods
• A dataset containing information on different individuals at a single time period
• A dataset containing information on different individuals over a single time period

Which of the following is an external data?

• Option B: Data generated by the company's internal systems
• Option C: Data collected from customer surveys
• Option D: Data obtained from the company's financial reports
• Option A: Data from a third-party vendor