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Study sets matching "business statistics"

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Study sets matching "business statistics"

48 terms
Business Statistics
Data Analysis
Decision Making
Iconic model
Analog model
is the science of collecting, organizing, analyzing, interpre…
is the process of defining the problem, identifying the alter…
is a physical replica or representation of a real object. ... Ex…
while physical in form, does not have a physical appearance s…
Data Analysis
is the science of collecting, organizing, analyzing, interpre…
Decision Making
is the process of defining the problem, identifying the alter…
143 terms
Business Statistics
statistics
individual
variable
population
the study of methods to collect, organize, analyze and interp…
any person or object of interest
the characteristic of interest
the entire collection of individuals
statistics
the study of methods to collect, organize, analyze and interp…
individual
any person or object of interest
76 terms
Business Statistics
Essential Elements of Discovery
management science
2 ways of achieving this "coming toget…
Statistics
A critical event & a perceptive observer.... The 2 coming toget…
the use of the scientific method to answer questions of conce…
1) make sure the naturally occurring informative events are b…
The science & art of obtaining AND analyzing data, & converti…
Essential Elements of Discovery
A critical event & a perceptive observer.... The 2 coming toget…
management science
the use of the scientific method to answer questions of conce…
17 terms
Business Statistics Ch 8
point estimate
confidence interval
precision
accuracy
A single number such as the sample mean or the sample proport…
What provides additional information about the variability of…
When asking how close - or how exact is the interval that is…
When asking how confident do you want to be in estimating the…
point estimate
A single number such as the sample mean or the sample proport…
confidence interval
What provides additional information about the variability of…
79 terms
Business Statistics
alternative hypothesis
ANOVA test of difference of means
bar graph
between-group sum of squares (SSbg)
lists the range of values of the parameter for which Ho is re…
used to test equality of means across populations; hypotheses…
graph of cross-sectional data with the unit on the horizontal…
in the ANOVA test of equal means the sum of squares due to tr…
alternative hypothesis
lists the range of values of the parameter for which Ho is re…
ANOVA test of difference of means
used to test equality of means across populations; hypotheses…
87 terms
Business statistics
descriptive statistics
inferential statistics
variable
data
the methods that help collect, summarize, present, and analyz…
the methods that use the data collected from a small group to…
a characteristic of an item or individual
values associated with a variable
descriptive statistics
the methods that help collect, summarize, present, and analyz…
inferential statistics
the methods that use the data collected from a small group to…
59 terms
Business Statistics
Population
Cencus
Sample
Sample size
All elements, individuals, or units that meet the selection c…
Statistics: Survey of an entire population, as opposed to a s…
Limited number of observations selected from a population on…
the number of observations in a sample
Population
All elements, individuals, or units that meet the selection c…
Cencus
Statistics: Survey of an entire population, as opposed to a s…
27 terms
business statistics
Statistics
population
census
sample
- science of gathering, analyzing, interpreting, and presenti…
a collection of persons, objects, or items under study
gathering data from the entire population
a portion of the whole ... [a subset of the poplulation]
Statistics
- science of gathering, analyzing, interpreting, and presenti…
population
a collection of persons, objects, or items under study
144 terms
Business Statistics
Statistics
Data
Data set
Elements
numerical facts such as averages, medians, percents, and inde…
facts and figures collected, analyzed, and summarized for pre…
all the data collected in a particular study
entities on which data are collected
Statistics
numerical facts such as averages, medians, percents, and inde…
Data
facts and figures collected, analyzed, and summarized for pre…
61 terms
Business Statistics
Statisics
Descriptive Statistics
Inferential Statistics
Population
The science of collecting, organizing, and interpreting data…
Methods of organizing, summarizing, and presenting data in an…
A decision, estimate, prediction, or generalization about a p…
The entire set of individuals or objects of interest, or the…
Statisics
The science of collecting, organizing, and interpreting data…
Descriptive Statistics
Methods of organizing, summarizing, and presenting data in an…
17 terms
Business Statistics
Population Mean
Sample proportion
P value
Null Hypothesis
The mean of the entire population ... mu , ... μ... (Mew) The balance…
p^ (p-hat)... proportion of individuals of a given type in a sam…
The probability level which forms basis for deciding if resul…
(H0)... A statement or idea that can be falsified, or proved wro…
Population Mean
The mean of the entire population ... mu , ... μ... (Mew) The balance…
Sample proportion
p^ (p-hat)... proportion of individuals of a given type in a sam…
119 terms
Business Statistics
A population is a collection of
Statistics are used to report
To infer something about a population we
There are 4 levels of measurement
All individuals, objects, or measurements of interest
The summary results of market surveys
Usually take a sample from the population
Nominal, Ordinal, Interval & Ratio
A population is a collection of
All individuals, objects, or measurements of interest
Statistics are used to report
The summary results of market surveys
180 terms
Statistics for Business
variation
pattern
statistical model
timeplot
differences among individuals or items; also fluctuations ove…
a systematic, predictable feature in data
a breakdown of variation into a predictable pattern and the r…
a chart of values ordered in time, usually with the values al…
variation
differences among individuals or items; also fluctuations ove…
pattern
a systematic, predictable feature in data
23 terms
Business Statistics
Probability
Event
Experiment
Sample Space
The chance that something will happen expressed in fractions,…
One or more of the possible outcomes of doing something
The activity that produces an event
A set of possible outcomes of an experiment
Probability
The chance that something will happen expressed in fractions,…
Event
One or more of the possible outcomes of doing something
15 terms
Business Statistics
Data
Data set
Elements
Variable
the facts and figures collected, analyzed, and summarized for…
all the data collected in a particular study
the entities on which data are collected
a characteristic of interest for the elements
Data
the facts and figures collected, analyzed, and summarized for…
Data set
all the data collected in a particular study
70 terms
Business Statistics
Statistics
descriptive statistics
Inferential statistics
Population
the science of collecting, organizing, presenting, analyzing…
methods for organizing summarizing and presenting data in an…
methods used to determine something about a population on the…
the entire set of objects or individuals of interest
Statistics
the science of collecting, organizing, presenting, analyzing…
descriptive statistics
methods for organizing summarizing and presenting data in an…
48 terms
Business Statistics
Descriptive statistics
Infrential Statistics
Population
Sample
Methods of organizing,summarizing ,and presenting data in an…
The methods used to estimate a property of a population on th…
The entire set of individuals or objects of interest or the m…
A portion , or part , of the population of interest.
Descriptive statistics
Methods of organizing,summarizing ,and presenting data in an…
Infrential Statistics
The methods used to estimate a property of a population on th…
21 terms
Business Statistics
Degrees of freedom
Coefficient of variation
Population
Sample
N-1
r
Entire group to be studied
Part of population examined
Degrees of freedom
N-1
Coefficient of variation
r
23 terms
Business Statistics
Chi Square Assumptions
T critical for lower tail
Assumptions for z testing
Surviviorship bias
counted data, 5 counts, independent and random
negative
random/independent, less than 10 percent of pop, and 10 succe…
not all of the population is able to contacted
Chi Square Assumptions
counted data, 5 counts, independent and random
T critical for lower tail
negative
79 terms
Business Statistics
alternative hypothesis
ANOVA test of difference of means
bar graph
between-group sum of squares (SSbg)
lists the range of values of the parameter for which Ho is re…
used to test equality of means across populations; hypotheses…
graph of cross-sectional data with the unit on the horizontal…
in the ANOVA test of equal means the sum of squares due to tr…
alternative hypothesis
lists the range of values of the parameter for which Ho is re…
ANOVA test of difference of means
used to test equality of means across populations; hypotheses…
9 terms
Business Statistics
Levels of measurement
Difference between Levels of measurment
Frequency Distributions: Formula for f…
Frequency Distributions: Formula for f…
Nominal, Ordinal, Interval, Ratio
Nominal - Represented as labels or names, they have no order…
2k > n
i = (H-L)/k
Levels of measurement
Nominal, Ordinal, Interval, Ratio
Difference between Levels of measurment
Nominal - Represented as labels or names, they have no order…
15 terms
Business Statistics
NORMAL DISTRIBUTIONS... The life of cats…
POPULATION COEFFICIENT OF VARIATION... C…
SAMPLING ERROR... Innate, ever-present e…
DESCRIPTIVE STATISTICS
The mean is 15yrs and the standard deviation is 2 years. 10 i…
Equals sigma divided by mu multiplied by on hundred percent.…
To calculate always take the sample statistic and minus the p…
Organising, summarising, and presenting data in a convenient…
NORMAL DISTRIBUTIONS... The life of cats…
The mean is 15yrs and the standard deviation is 2 years. 10 i…
POPULATION COEFFICIENT OF VARIATION... C…
Equals sigma divided by mu multiplied by on hundred percent.…
16 terms
Business statistics
nominal
ordinal
interval
ratio
Arbitrary labels for data.... No ranking allowed
Ranking allowed, no measurable meaning in the number levels s…
meaningful differences. no true zero pt. calendar yr
meaningful differences. true zero pt such as income.
nominal
Arbitrary labels for data.... No ranking allowed
ordinal
Ranking allowed, no measurable meaning in the number levels s…
56 terms
Business Statistics
Descriptive Statistics
Inferential Statistics
Two types of statistics
Population
Focuses on collecting, summarising and presenting a state of…
Uses sample data to draw conclusions about a population
Descriptive, Inferential
Consists of all the members of a group about which you want t…
Descriptive Statistics
Focuses on collecting, summarising and presenting a state of…
Inferential Statistics
Uses sample data to draw conclusions about a population
31 terms
Business Statistics
PLC
AG
SA
SpA
Great Britian
Germany
Spanish/French Speaking
Italy
PLC
Great Britian
AG
Germany
15 terms
Business Statistics
Descriptive stats
Inferential stats
Experiment
Random Variable
Methods to summarize data, mean, median, variance, range
Observation of a sample to make an informed statement about t…
An observation that does not have a predetermined outcome
A quantity of interest observed as a result of an experiment
Descriptive stats
Methods to summarize data, mean, median, variance, range
Inferential stats
Observation of a sample to make an informed statement about t…
72 terms
Business Statistics
Alpha
Alternate Hypothesis
Bar Chart
Beta
The probability of committing a Type I Error.
A statement that is accepted if the sample data provide suffi…
A graph in which the classes are reported on the horizontal a…
The probability of committing a Type II Error.
Alpha
The probability of committing a Type I Error.
Alternate Hypothesis
A statement that is accepted if the sample data provide suffi…
36 terms
Business statistics
Data
Data Set:
Elements
Variable
the test and figures collected, analyzed and summarized for p…
All the data collected in a particular study.... Ex. if we were…
The entities on which data are collected.
a characteristic of interest for the elements.... Ex. in the GPA…
Data
the test and figures collected, analyzed and summarized for p…
Data Set:
All the data collected in a particular study.... Ex. if we were…
Business Statistics
Measures or variability
Range
Variance
Standard Deviation
Which determine how much spread is present in the data. (Cons…
Difference between the highest and lowest value in a data set
Measures the variability, or spread, of the data points in a…
The square root of the variance. Measures the average distanc…
Measures or variability
Which determine how much spread is present in the data. (Cons…
Range
Difference between the highest and lowest value in a data set
22 terms
Business Statistics
Population Mean
Population Median
Population Mode
Population Variance
μ = ∑x/N
Me = a+b/2 or Middle Number
Mo = Most frequently occurring observation(s)
σ^2 = ∑x^2 - [(∑x)^2/N]/N
Population Mean
μ = ∑x/N
Population Median
Me = a+b/2 or Middle Number
20 terms
Business Statistics
n, can be used to denote
µ
the sample mean is the
The number of elements, observations, etc
population mean
sample mean
point estimator of the population mean
n, can be used to denote
The number of elements, observations, etc
µ
population mean
33 terms
Business statistic
business flourish
choosing among options
find out
left out
do well your business
выбирая среди вариантов
выяснить, обнаружить, раскрыть
пропущеные
business flourish
do well your business
choosing among options
выбирая среди вариантов
43 terms
Business Statistics
What two basic areas can statistics be…
Descriptive Statistics
Measure of Central Location
Measure of Variability
Descriptive Statistics and Inferential Statistics
Deals with methods of organizing, summarizing and presenting…
'Typical' piece of data. A.k.a. median
Variability can be defined in terms of how close the scores i…
What two basic areas can statistics be…
Descriptive Statistics and Inferential Statistics
Descriptive Statistics
Deals with methods of organizing, summarizing and presenting…
15 terms
Business statistics
What is​ statistics?
descriptive statistics
Inferential statistics
Quantitative data
It is the science that deals with​ collection, classification…
__________________ describes sets of data
_____________________ draws conclusions about the sets of dat…
are numerical in​ nature
What is​ statistics?
It is the science that deals with​ collection, classification…
descriptive statistics
__________________ describes sets of data
17 terms
Business Statistics
Statistic
Parameter
sample size increases then variability…
Central limit theorem
a numerical measure from a sample, such as a sample mean
numerical characteristics of a population
decreases
selecting random samples of size n from a population, the sam…
Statistic
a numerical measure from a sample, such as a sample mean
Parameter
numerical characteristics of a population
54 terms
Business Statistics
A sample must be
Statistics
Types of data
cross sectional
random and representative
the science of collecting, organizing, analyzing, interpretin…
cross-sectional, time series
values of a characteristic of many subjects at the same point…
A sample must be
random and representative
Statistics
the science of collecting, organizing, analyzing, interpretin…
7 terms
Business Statistics
Null Hypothesis
Alternate Hypothesis
Test Statistic
Critical Value
A statement about the value of a population parameter develop…
A statement that is accepted if the sample data provide suffi…
A value calculated from sample data to determine whether or n…
The dividing point between the region where the null hypothes…
Null Hypothesis
A statement about the value of a population parameter develop…
Alternate Hypothesis
A statement that is accepted if the sample data provide suffi…
9 terms
Business statistics
Probability
An experiment
The sample space for an experiment
Sample point
is a numerical measure of the likelihood that an event will o…
is any process that generates well-defined outcomes.
is the set of all experimental outcomes.
an experimental outcome.
Probability
is a numerical measure of the likelihood that an event will o…
An experiment
is any process that generates well-defined outcomes.
37 terms
Business statistics
Categorical Variable
Numerical Variables
Collect
Define
Qualitative variables- takes categories as their values- yes…
Quantitative variable-have values that represent a counted or…
The data for those variables from appropriate sources
The variables that you want to study to solve a problem or me…
Categorical Variable
Qualitative variables- takes categories as their values- yes…
Numerical Variables
Quantitative variable-have values that represent a counted or…
BUSINESS STATISTICS
BUSINESS STATISTICS
Descriptive Statistic
Inferential Statistic
Population
A branch of mathematics that examines and investigate ways to…
Totality of method and treatment employed in the collection,…
Logical process from sample analysis to a generalization or c…
Consist of all the member of the group about which you want t…
BUSINESS STATISTICS
A branch of mathematics that examines and investigate ways to…
Descriptive Statistic
Totality of method and treatment employed in the collection,…
8 terms
Statistics for Business
Statistics
Elements
Variables
Categorical Variable
The science and art of collecting, organizing, summarizing, a…
Entities on which data are collected.
Characteristics of interest for the elements, subject to vary
Variable described by name
Statistics
The science and art of collecting, organizing, summarizing, a…
Elements
Entities on which data are collected.
79 terms
Business Statistics
alternative hypothesis
ANOVA test of difference of means
bar graph
between-group sum of squares (SSbg)
lists the range of values of the parameter for which Ho is re…
used to test equality of means across populations; hypotheses…
graph of cross-sectional data with the unit on the horizontal…
in the ANOVA test of equal means the sum of squares due to tr…
alternative hypothesis
lists the range of values of the parameter for which Ho is re…
ANOVA test of difference of means
used to test equality of means across populations; hypotheses…
15 terms
Business Statistics
Census
Quartiles
Range
Parameter
A dataset made up of observations taken from absolutely every…
Statistics that divide a dataset up into a lower 25%, a middl…
A measure of variability, defined to be the largest value min…
A number that summarizes some important aspect or feature of…
Census
A dataset made up of observations taken from absolutely every…
Quartiles
Statistics that divide a dataset up into a lower 25%, a middl…
14 terms
Business statistics
data set
elements
variable
dot plot
A group of individual values or bits of information that are…
a unit of data for which the definition, identification, repr…
Any characteristic of an element
a graphical device that summarizes data by the number of dots…
data set
A group of individual values or bits of information that are…
elements
a unit of data for which the definition, identification, repr…
52 terms
Business Statistics
Statistics
descriptive statistics
inferential statistics
population
Refers to numerical facts such as averages, medians, percents…
refers to the summary of important aspects of a data set that…
refers to drawing conclusions about a large set of data
large set of data, consists of all items of interest in a sta…
Statistics
Refers to numerical facts such as averages, medians, percents…
descriptive statistics
refers to the summary of important aspects of a data set that…
8 terms
Business Statistics
Nominal
Ordinal
Interval
Ratio
Data that is classified into categorized and cannot be arrang…
Data arranged in some order but the differences between data…
with the additional property that meaningful amounts of diffe…
the interval level with an inherent zero starting point diffe…
Nominal
Data that is classified into categorized and cannot be arrang…
Ordinal
Data arranged in some order but the differences between data…
82 terms
Business Statistics
census
sample
x bar
population variance
examine all the population
subset of the population
sample pean
the average of the squared deviations of the individual popul…
census
examine all the population
sample
subset of the population
40 terms
Business Statistics
Qualitative
Quantitative
nominal scale
ordinal scale
Categorical variables have values that can only be placed int…
Numerical variables have values that represent quantities ... d…
Classifies data into distinct categories in which no ranking…
classifies data into distinct categories in which ranking is…
Qualitative
Categorical variables have values that can only be placed int…
Quantitative
Numerical variables have values that represent quantities ... d…
23 terms
Business and Statistics
Macroeconomics
Microeconomics
Inflation
CPI
The study of economic activity in aggregate
The study of economic activity of individual agents-firms and…
Cost of living. General rise in price of goods and services.…
Consumers Price Index
Macroeconomics
The study of economic activity in aggregate
Microeconomics
The study of economic activity of individual agents-firms and…
Business Statistics
Statistics
Data
Subjects
Experimental Units
A way of reasoning with tools, methods and mathematics to hel…
Facts in numeric( ordinal), nominal, ratio, or interval forma…
The people or things about which we are interested in underst…
Inanimate objects or laboratory animals used as subjects for…
Statistics
A way of reasoning with tools, methods and mathematics to hel…
Data
Facts in numeric( ordinal), nominal, ratio, or interval forma…
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