OIS2340Midterm1StudyGuide (1) - CH.1TheWhere,Why, Datamining: largedatasets :,storing retrieving,

OIS2340Midterm1StudyGuide (1) - CH.1TheWhere,Why,...

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CH. 1 The Where, Why, and How of Data Collection ­ Data mining: the application of statistical techniques and algorithms to the analysis of large data sets ­ Business Intelligence: the application of tools and technologies for gathering, storing, retrieving, and analyzing data that businesses collect and use. ­ 1.1 What is Business Statistics? ­ Business Statistics: a collection of procedures and techniques that are used to convert data into meaningful information in a business environment. ­ Descriptive Statistics: procedures and techniques designed to describe data. ­ Charts and Graphs ­ Histograms ­ Bar charts ­ Numerical Measures: ­ arithmetic mean or average: the sum of all values divided by the number of values ­ Ex. When the park ranger at Yellowstone National Park reports the average length of time that visitors spend in the park ­ Inferential Statistics: tools and techniques that help decision makers to draw inferences from a set of data ­ Statistical Inference Procedures: Procedures that allow a decision maker to reach a conclusion about a set of data based on a subset of that data. ­ Estimation ­ e.g. Estimate the population mean weight using the sample mean weight ­ estimates are formed by looking closely at a subset of the larger data set ­ Hypothesis testing ­ e.g. Use sample evidence to test the claim that the population mean weight is 120 pounds ­ 1.2 Procedures for Collecting Data ­ Data Collection Methods: ­ Experiments: a process that produces a single outcome whose result cannot be predicted with certainty ­ Experimental Design: a plan for performing an experiment in which the variable of interest is defined. One or more factors are identified to be manipulated, changed, or observed so that the impact (or influence) on the variable of interest can be measured or observed. ­ Advantages: ­ Provide controls ­ Preplanned objectives ­ Disadvantages: ­ Costly
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­ Time­consuming ­ Requires planning ­ Telephone Surveys: ­ must be short → 1­3 min. ­ Generally, closed­end questions: questions that require the respondent to select from a short list of defined choices. ­ should have a short statement at the beginning explaining the purpose of the survey and reassuring the respondent that his or her responses will remain confidential ­ Last part of the survey, demographic questions: questions relating to the respondents’ characteristics, backgrounds, and attributes ­ Gender ­ Income Level ­ Education Level ­ Prime time for voter survey: 7­9PM ­ Advantages: ­ Timely ­ Relatively inexpensive ­ Disadvantages: ­ Poor reputation ­ Limited scope and length ­ Written Questionaire and Surveys ­ most frequently used method to collect opinions and factual data from people ­ generally least expensive ­ similar to telephone surveys ­ must look professional ­ Scanning for a large number of surveys ­ can contain both closed and open­ended questions ­ Open­ended questions: questions that allow respondents
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