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Define Statistics

math that transforms numbers into useful information for decision makers

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Define descriptive statistics

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

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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

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operational definitions

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

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Population

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

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Sample

a portion of population for analysis

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Parameter

numerical measure that describes a characteristic of a population

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Statistic

numerical measure that describes a characteristic of a sample

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data collection

collecting the values for those variables

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Primary sources

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

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Secondary sources

Person forming the statistical analysis is not the data collector

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Categorical variables(qualitative)

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

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Numerical variables(quantitative)

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

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Discrete variables

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

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Continuous variables

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

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Nominal scale

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

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Ordinal scale

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

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Interval scale

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

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Ratio scale

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

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frequency distribution

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

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width class interval

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

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Relative Frequency

Frequency in each class/total # of values

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