### 22 terms by dhenrich

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### Define Statistics

math that transforms numbers into useful information for decision makers

### Define descriptive statistics

focuses on collecting, summarizing, presenting, and analyzing a set of data( tables, charts)

### define inferential statistics

data that have been collected from a small group to draw conclusions about a larger group. To make decisions about which investment might lead to a higher return and what marketing strategy might lead to increased sales

### operational definitions

universally accepted meanings that are clear to all associated with an analysis

### Population

consists of all the items or individuals about which you want to draw a conclusion

### Sample

a portion of population for analysis

### Parameter

numerical measure that describes a characteristic of a population

### Statistic

numerical measure that describes a characteristic of a sample

### data collection

collecting the values for those variables

### Primary sources

When the data collector is the one using the date for analysis

### Secondary sources

Person forming the statistical analysis is not the data collector

### Categorical variables(qualitative)

Values that can only be placed into categories. Ex. Yes or No

### Numerical variables(quantitative)

Values that represent quantities. Ex. How many or How much?

### Discrete variables

numerical values that arise from a counting process. Ex. number magazines subscribed to

### Continuous variables

numerical responses that arise from a measuring process. Ex. Time to wait

### Nominal scale

classifies data into distinct categories in which no ranking is implied.Ex. buy a product in 12 months

### Ordinal scale

classifies data into distinct categories in which ranking is implied. Ex. Rate satisfaction

### Interval scale

ordered scale in which the difference between measurements is a meaningful quantity but does not involve a true zero point

### Ratio scale

ordered scale in which the difference between the measurements involves a true zero point such as height or weight.

### frequency distribution

a summary table in which the data re arranged into numerical ordered classes

### width class interval

divide the range(highest value- lowest value) by the number of classes desired.

### Relative Frequency

Frequency in each class/total # of values

Example: