# 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

point estimate

confidence interval

precision

accuracy

A single number such as the sample mean or the sample proporti…

What provides additional information about the variability of…

When asking how close - or how exact is the interval that is b…

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 proporti…

confidence interval

What provides additional information about the variability of…

Statistics

Data

Data set

Elements

numerical facts such as averages, medians, percents, and index…

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

all the data collected in a particular study

entities on which data are collected

Statistics

numerical facts such as averages, medians, percents, and index…

Data

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

Population

Cencus

Sample

Sample size

All elements, individuals, or units that meet the selection cr…

Statistics: Survey of an entire population, as opposed to a sa…

Limited number of observations selected from a population on a…

the number of observations in a sample

Population

All elements, individuals, or units that meet the selection cr…

Cencus

Statistics: Survey of an entire population, as opposed to a sa…

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…

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…

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…

Parameter

population mean

sample mean

statistic

A characteristic of a population.

population mean = sum of all the values in the population / nu…

"x bar"... sample mean = sum of all the values in the sample / nu…

A characteristic of a sample.

Parameter

A characteristic of a population.

population mean

population mean = sum of all the values in the population / nu…

Probability

What are ALWAYS the Probability values…

The Probability assigned to each experi…

Zero < P(E i) <1 for all i

Numerical measure of the likelihood that an event will occur,…

Zero to One.

Zero to One inclusively.

E i is the i th experimental outcome... P(E i) is its probability

Probability

Numerical measure of the likelihood that an event will occur,…

What are ALWAYS the Probability values…

Zero to One.

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…

What is Statistics?

What are the two types of statistics?

What is descriptive statistics?

What is inferential statistics?

Statistics is the science of collecting, organizing, presentin…

Descriptive and Inferential

Procedures used to organize and summarize data

Stats involed by taking a sample from a population and making…

What is Statistics?

Statistics is the science of collecting, organizing, presentin…

What are the two types of statistics?

Descriptive and Inferential

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

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.

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

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

numerical values

Discrete random variable

Continuous random variable

probability distribution

Random variable must assume

random variable that may assume either a finite number of valu…

random variable that may assume any numerical value in an inte…

describes how probabilities are distributed over the values of…

numerical values

Random variable must assume

Discrete random variable

random variable that may assume either a finite number of valu…

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…

Introduction to Statistics

Types of Statistics

Inferential statistics

Examples of Descriptive Statistics:

Statistics is the science of collecting, organizing, presentin…

The definition of statistics given earlier referenced to" orga…

The second type is the Inferential statistics also called stat…

census data.

Introduction to Statistics

Statistics is the science of collecting, organizing, presentin…

Types of Statistics

The definition of statistics given earlier referenced to" orga…

Statistics

Individuals

Variable

Quantitative Variable

the study of how to collect, organize, analyze, and interpret…

the people or objects included in the study.

a characteristic of the individual to be measured or observed.

has a value or numerical measurement for which operations such…

Statistics

the study of how to collect, organize, analyze, and interpret…

Individuals

the people or objects included in the study.

Statistics

Branches of Statistics

Descriptive Statistics

Inferential Statistics

A way to squeeze out & use information from raw data to make i…

1. Descriptive Statisitcs ... 2. Inferential Statistics

Organising, summarising and presenting data

Making Conclusions based on a population based on a sample

Statistics

A way to squeeze out & use information from raw data to make i…

Branches of Statistics

1. Descriptive Statisitcs ... 2. Inferential Statistics