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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…

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

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…

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…

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…

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…

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…

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

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…

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…

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…

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

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

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

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

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…

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…

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

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…

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…

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.…

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…

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

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…

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…

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…

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

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…

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

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

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…

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…

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.

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

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,…

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.

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…

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…

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…

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…

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…

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…

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…

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…