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Basic Business Statistics Chapter 1 terms
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Terms in this set (48)
DCOVA framework
Define
Collect
Organize
Visualize
Analyze
A plan to minimize errors of thinking and analysis.
data
the set of individual values associated with a variable.
variable
a characteristic of an item or individual
statistics
the methods that help transform data into useful information for decision makers.
descriptive statistics
methods that primarily help summarize and present data.
inferential statistics
methods that use data collected from a small group to reach conclusions about a larger group.
population
all the items or individuals about which you want to reach a conclusion
sample
a portion of a population selected for analysis
parameters
computed from the analyzed population data
statistic
analyzed sample data
frame
complete or partial listing of the items that make up the population from which the sample will be selected. The method of defining your sample data.
structured data
data that follows some organizing principle or plan, typically a repeated pattern.
unstructured data
no repeating pattern; information sent in varying formats
categorical data
qualitative data to classify
numerical data
quantitative data to count or measure
nominal data
classifies data into distinct categories in which no ranking is implied. Weakest form of measurement
ordinal scale
classifies data into distinct categories in which ranking is implied. Also weak because the ranking does not account for the amount of difference.
discrete variable
numerical values that arise from a counting process
continuous variable
numerical values that arise from a measuring process
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 measurements involves a true zero point.
primary data source
collect your own data for analysis
secondary data source
data for your analysis have been collected by someone else.
missing value
a value that was not able to be collected
outlier
a numerical value without a defined range of possible values
recoded variable
supplements or replaces the original variable in your data
nonprobability sample
select items or individuals without knowing their probabilities of selection
probability sample
select items based on known probabilities
convenience sample
select items that are easy, inexpensive or convenient to sample
mutually exclusive
category definitions are placed in one and only one category
collectively exhaustive
categories for new, recoded variables include all values being recorded
judgement sample
based on opinions of preselected experts. Results cannot be generalized
simple random sample
most elementary, varied, when large size, time consuming and expensive
n=
sample size
N=
population size
sampling with replacement
like pulling a sample out of a fishbowl and putting it back to possible be pulled out again
sampling without replacement
like pulling a sample out of a fishbowl and NOT putting it back. Can't be pulled out again
table of random numbers
series of digits listed in a randomly generated sequence
excel command for random number generator
=randbetween(min,max)
systematic sample
skipping through the list; k=N/n if k=.5 or greater, round down
stratified sample
subdivide N items in the frame into separate subpopulations or strata; make sure sample looks like the population
cluster sample
divide N items in the frame into clusters that contain several items
coverage error
occurs if certain groups of items are excluded from the frame so that they have no chance of being selected in the sample
selection bias
the result of a coverage error
nonresponse error
arises from failure to collect data on all items in the sample
nonresponse bias
result of nonresponse error
sampling error
reflects the variation from sample to sample, based on the probability of particular individuals or items being selected in the particular samples
measurement error
can result when surveys rely on self-reported information
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