How can we help?

You can also find more resources in our Help Center.

22 terms

Business Statistics- Chapter 1

STUDY
PLAY
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