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Business Statistics Exam One Review
Terms in this set (12)
Statistics is the science of
collecting, organizing, summarizing, and interpreting data for the purpose of making decisions.
"Listable" values with gaps between them.
Note: Not necessarily integers and may be an infinite number of values.
Any value in an interval can occur.
Qualitative or categorical
Variable that classifies people or things.
Nominal: Numbers used to "NAME" categories.
Ordinal: Categories have a natural ending.
Binary: Two categories (usually assigned values of "0" or "1").
Numerical summaries and/or graphical displays of (sample) data.
Using sample data to make conclusions about the population from which the sample was taken.
Drawing conclusions about the population (parameter) based on a sample (statistic).
Different samples could provide different results
Population is N
Sample is n
Measures of location
Give "middle" or "typical" values or "central tendency."
Measures of Variation
Describe "spread" or "scatter" or "dispersion" in the data.
The mean is not resistant to outliers.
IQR is most resistant to outliers
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