# Study sets matching "business statistics"

Study sets

Diagrams

Classes

Users

Data Analysis

Decision Making

Iconic model

Analog model

is the science of collecting, organizing, analyzing, interpret…

is the process of defining the problem, identifying the altern…

is a physical replica or representation of a real object. ... Ex:…

while physical in form, does not have a physical appearance si…

Data Analysis

is the science of collecting, organizing, analyzing, interpret…

Decision Making

is the process of defining the problem, identifying the altern…

Time Series

Cross Sectional

Qualitative (Categorical)

Quantitative (Numerical)

Over time i.e; month/year/minute (10 Year Period)

Single point in time (1 Year/1 month)

Characteristic is nonnumerical

How much/how many, always a #

Time Series

Over time i.e; month/year/minute (10 Year Period)

Cross Sectional

Single point in time (1 Year/1 month)

Measures of Center and Location

Parameter

As long as the population does not chan…

Statistic

Mean, Median, Mode, Weighted Mean

A measure computed from the entire population

The value of the parameter will not change

A measure computed from a sample that has been selected from a…

Measures of Center and Location

Mean, Median, Mode, Weighted Mean

Parameter

A measure computed from the entire population

Data

Data set

Element

Variable

the facts and figures collected, analyzed, and summarized for…

all data for a particular purpose

the entities on which data is collected

A characteristic of interest for the element

Data

the facts and figures collected, analyzed, and summarized for…

Data set

all data for a particular purpose

Census

Quartiles

Range

Parameter

The entire population of what you are studying

Values that divide a data set into four equal parts

The highest number in the set minus the lowest number in the s…

a characteristic or constant factor

Census

The entire population of what you are studying

Quartiles

Values that divide a data set into four equal parts

Data Analysis

Decision Making

Iconic model

Analog model

is the science of collecting, organizing, analyzing, interpret…

is the process of defining the problem, identifying the altern…

is a physical replica or representation of a real object. ... Ex:…

while physical in form, does not have a physical appearance si…

Data Analysis

is the science of collecting, organizing, analyzing, interpret…

Decision Making

is the process of defining the problem, identifying the altern…

statistics

individual

variable

population

the study of methods to collect, organize, analyze and interpr…

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 interpr…

individual

any person or object of interest

Data Analysis

Decision Making

Iconic model

Analog model

is the science of collecting, organizing, analyzing, interpret…

is the process of defining the problem, identifying the altern…

is a physical replica or representation of a real object. ... Ex:…

while physical in form, does not have a physical appearance si…

Data Analysis

is the science of collecting, organizing, analyzing, interpret…

Decision Making

is the process of defining the problem, identifying the altern…

population

sample

variable

data

a collection of individuals or objects that is under study

a subset of the population

a characteristic of interest about each individual element of…

numbers or information with a context... different characteristic…

population

a collection of individuals or objects that is under study

sample

a subset of the population

operational definition

categorical variables

numerical variables

discrete variables

universally accepted meaning that is clear to all associated w…

aka qualitative variables; have values that can only be placed…

aka quantitative variables; have values that represent a count…

have numerical values that arise from a counting process

operational definition

universally accepted meaning that is clear to all associated w…

categorical variables

aka qualitative variables; have values that can only be placed…

Bar Charts

Bar Graph

Class Mark

Class Midpoint

same as bar graph. horizontal

contains two or more categories along one axis and a series of…

same as class midpoint

midpoint of each class interval

Bar Charts

same as bar graph. horizontal

Bar Graph

contains two or more categories along one axis and a series of…

p-value

Type I Error

Type II Error

False Positive

-- Always represents areas under the probability distribution…

-- Changing your mind when you should not have. The null hypot…

-- Not changing your mind when you should have, that is, Ho is…

-- also known as a Type I Error

p-value

-- Always represents areas under the probability distribution…

Type I Error

-- Changing your mind when you should not have. The null hypot…

frequency table

bar graph

line graph

circle graph

an organized table that shows the frequency of occurrence of v…

an organized visual representation that shows the frequency of…

a visual representation that shows data output over time

a visual representation that shows the % of occurrence of vari…

frequency table

an organized table that shows the frequency of occurrence of v…

bar graph

an organized visual representation that shows the frequency of…

Probability

Experiment

Sample Point

Sample Space

numerical measure of the likelihood that an event will occur

a process that generates well-defined outcomes

an element of the sample space. A ______ _____ represents an e…

the set of all experimental outcomes

Probability

numerical measure of the likelihood that an event will occur

Experiment

a process that generates well-defined outcomes

categorical (qualitative) variable

census

cross-sectional data

data

A variable having values that indicate into which of several c…

An examination of all the elements in a population

Data collected at the same or approximately the same point in…

Facts and figures from which conclusions can be drawn

categorical (qualitative) variable

A variable having values that indicate into which of several c…

census

An examination of all the elements in a population

Cluster sampling

for any n > 1... σ is always greater than…

𝑥 ̅ falls outside 2 standard deviations…

𝑥 ̅ falls outside 3 standard deviations…

Which of the following methods leads to valid statistical infe…

𝜎>𝜎_𝑥 ̅

We suspect that a sample is biased if

We are almost certain that a sample is biased if

Cluster sampling

Which of the following methods leads to valid statistical infe…

for any n > 1... σ is always greater than…

𝜎>𝜎_𝑥 ̅

Probablility gives what to the inherent…

How is probability theory justified?

Probability theory does not reduce or e…

Continuous random variables are measure…

1. clarity... 2. order

quantum mechanics

risk - it will always be there

limited in terms of subdivision

Probablility gives what to the inherent…

1. clarity... 2. order

How is probability theory justified?

quantum mechanics

Classical Statistics

Bayesian Statistics

Modern Statistics

Management Information Systems

A branch of mathematics dealing with the collection, analysis,…

A method of decision-making in the face of uncertainty.

A body of knowledge which integrates decision-making theory wi…

Integration of computer hardware, software and human knowledge…

Classical Statistics

A branch of mathematics dealing with the collection, analysis,…

Bayesian Statistics

A method of decision-making in the face of uncertainty.

Sample Statistics

Population parameters

Point estimator

mean

numerical measures computed for data from a sample

numerical measures computed fro data from a population

when using statistical inference, the sample statistic is cons…

Average; commonly used measure of location

Sample Statistics

numerical measures computed for data from a sample

Population parameters

numerical measures computed fro data from a population

Which approach to probability assumes t…

An experiment may have _____.... A only on…

When are two experimental outcomes mutu…

Probabilities are important information…

A. Classical

...

B. if one outcome occurs, then the other cannot

...

Which approach to probability assumes t…

A. Classical

An experiment may have _____.... A only on…

...

Hypothesis testing is the only way to...

Hypothesis testing is the what?

The 5 Step Hypothesis Testing Procedure

What are the properties of the t-distri…

scientifically test or validate statements made about a popula…

heart, soul, and most practiced aspect of statistics

1. state the hypothesis... 2. select the level of significance... 3.…

1. bell shaped curve... 2. defined by alpha and the degrees of fr…

Hypothesis testing is the only way to...

scientifically test or validate statements made about a popula…

Hypothesis testing is the what?

heart, soul, and most practiced aspect of statistics

Testing the variances may be more impor…

The F Distribution assumes what? (2)

What kind of test is the Mann-Whitney U…

A non-parametric null hypothesis takes…

testing the means

1. the sample variances are computed from independent samples…

non-parametric

the form of a statement

Testing the variances may be more impor…

testing the means

The F Distribution assumes what? (2)

1. the sample variances are computed from independent samples…

Researcher's one-way ANOVA had 12 data-…

At a=.05, a paired-samples t-test was s…

For statistical comparison of two, inde…

If the respective variances of two, ind…

fail to reject Hn and not conduct post hoc tests

95%

not needed HT or CI

still possible

Researcher's one-way ANOVA had 12 data-…

fail to reject Hn and not conduct post hoc tests

At a=.05, a paired-samples t-test was s…

95%

bias

census

cluster

cluster sampling

any systematic failure of a sampling method to represent its p…

an attempt to collect data on the entire population of interest

a subset of a population aggregated into larger sampling units…

a sampling design in which groups, or clusters, representative…

bias

any systematic failure of a sampling method to represent its p…

census

an attempt to collect data on the entire population of interest