#### Terms in this set (53)

- descriptive statistics, inferential statisticsWhat are the two main objectives of statistics in applied marketing research?
- descriptive statisticsone of the main objectives of statistics in applied marketing research; makes data usable; "What is overall satisfaction for the new toothbrush?";"How often do people use the brush?";"Are men or women happier with our product?"
- inferential statisticsa type of statistics in applied marketing research; generalizes results to a population; uses a sample to infer about a population
- population, sampleManagerial decisions are for a ____________, not a _________
- exact truthWe'll never be sure of the ____________ about a population, but we can make a good educated guess about it using inferential statistics
- populationthe total of all elements (people) that share some common characteristic(s); the goal of marketing research is to learn about this (the 'truth')
- samplea subset of a population; the goal of marketing research is to use this to learn about the population
- population parametera summary description of a variable of the population; denotes the 'true value' which would be obtained if a census rather than a sample was undertaken
- sample statisticsa summary description of a variable of the sample; used as an estimate for the population parameter
- population parametersµ or σ notations are examples of ________________
- sample parametersX-bar or S notations are examples of __________________
- numerical, graphicalYou use either ___________ or ___________ summaries to summarize descriptive statistics
- numerical summariescentral tendency (mean, proportion, median) and measures of dispersion (standard deviation, variance, range) are examples of ____________________
- graphical summariesfrequency distribution, histograms, and charts (pie, line, bar, etc.) are examples of ____________________
- noCan you report means or standard deviations for nominal variables?
- noCan you report means or standard deviations for ordinal variables?
- nominal, ordinalNumerical summaries for ___________ and ____________ scale levels include proportions (=percentages), counts, or frequency tables
- interval, ratioNumerical summaries for __________ and ________ scale levels include mean, median, standard deviation, variance, or range
- graphical___________ summaries are useful in research reports, but only for key questions/insights (more useful for presentations)
- nominal, ordinalGraphical summaries that should be used for __________ and ___________ scale levels include frequency tables, bar charts, or pie charts
- interval, ratioHistograms are the form of graphical summaries that should be used for __________ and ___________ scale levels
- lessThe median is ________ affected by extremely large values
- graphical summaries__________________ are useful in research reports, but only for key questions/insights
- smooththe histogram for a population is a _________ line
- population distributionthe frequency distribution (histogram) of all elements (people) of the population
- muPopulation mean is denoted by what Greek letter?
- sigmaWhat is standard deviation of population distribution denoted by?
- unknownThe population distribution is ___________, meaning we can only guess about it
- sample distributionthe frequency distribution (histogram) of all elements (people) in your sample
- known exactlyThe sample distribution is ______________ once you have your sample
- noIs the sample distribution a smooth line?
- x-barWhat is the mean of a sample distribution denoted by?
- swhat is standard deviation of a sample distribution denoted by?
- normal distributionit is bell-shaped and symmetric; one of the most useful and used probability distributions;
- mu, sigmaOnce you know mean _____ and standard deviation _______, it is easy to compute probability values for the normal distribution
- normalInferential statistics is based on the __________ distribution
- 68____% of observations are within 1 standard deviation of the mean of the normal distribution
- 95____% of observations are within 2 standard deviations of the mean of the normal distribution
- 99____% of observations are within 3 standard deviations of the mean of the normal distribution
- populationManagerial decisions are for the _______________
- sampling distributionthe distribution of the sample means (x-bars); it is a theoretical distribution - to get it, you take many samples from a population, compute x-bar for each sample, then construct a histogram from all computed sample means
- normalwhen the sample size to compute the sample means is large, the sampling distribution is a __________ distribution
- mumean for the sampling distribution is denoted ________ and it has the same mean as the population distribution
- s/sqrt(n)standard deviation for the sampling distribution is denoted ________
- sampling distributionthe __________________ is the theoretical framework for confidence intervals and hypothesis testing
- population distributionIt is unknown but you want to know about it
- sample distributionIt is known once we have our sample
- sample distributionIt is used to infer about the population distribution
- sampling distributionIt is bell-shaped (a normal distribution)
- sampling distributionIt is used to get an idea of how good our sample mean estimates the population mean mu
- fatIf the sampling distribution is ________, your sample mean may be far away from mu
- skinnyIf the sampling distribution is ________, your sample mean is likely closer to mu
- confidence intervaltells you how large the random (sampling) error is and is more informative than a point estimate