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Random Variable

Discrete random variable

Continuous Random variable

Probability distribution

A numerical description of the outcome of an experiment.

A random variable that may assume either a finite number of v…

A random variable that may assume any numerical value in an i…

a description of how the probabilities are distributed over t…

Random Variable

A numerical description of the outcome of an experiment.

Discrete random variable

A random variable that may assume either a finite number of v…

Random Variable

Discrete random variable

Continuous Random variable

Probability distribution

A numerical description of the outcome of an experiment.

A random variable that may assume either a finite number of v…

A random variable that may assume any numerical value in an i…

a description of how the probabilities are distributed over t…

Random Variable

A numerical description of the outcome of an experiment.

Discrete random variable

A random variable that may assume either a finite number of v…

A frequency distribution is a tabular…

A tabular summary of a set of data sho…

The relative frequency of a class is c…

The percent frequency of a class is co…

d. number of items in several classes

b. relative frequency distribution

d. dividing the frequency of the class by the sample size

c. multiplying the relative frequency by 100

A frequency distribution is a tabular…

d. number of items in several classes

A tabular summary of a set of data sho…

b. relative frequency distribution

probability

experiment

sample space

sample point

a numerical measure of the likelihood that an event will occur

a process that generates well-defined outcomes

the set of all experimental outcomes

an element of the sample space. a sample point represents an…

probability

a numerical measure of the likelihood that an event will occur

experiment

a process that generates well-defined outcomes

Methods for developing useful decision…

The process of capturing, storing, and…

The subject of data mining deals with…

In a questionnaire, respondents are as…

d. data mining

c. data warehousing

a. methods for developing useful decision-making information…

b. nominal scale

Methods for developing useful decision…

d. data mining

The process of capturing, storing, and…

c. data warehousing

A frequency distribution is a tabular…

A tabular summary of a set of data sho…

The relative frequency of a class is c…

The percent frequency of a class is co…

d. number of items in several classes

b. relative frequency distribution

d. dividing the frequency of the class by the sample size

c. multiplying the relative frequency by 100

A frequency distribution is a tabular…

d. number of items in several classes

A tabular summary of a set of data sho…

b. relative frequency distribution

The measure of location which is the m…

The most important statistical descrip…

If two groups of numbers have the same…

The mean of the sample... a. is always s…

d. mean

a. mean

d. None of these alternatives is correct.

d. None of these alternatives is correct.

The measure of location which is the m…

d. mean

The most important statistical descrip…

a. mean

Sample statistic

population parameter

point estimator

mean

a numerical value used as a summary measure for a sample i.e.…

a numercal value used as a summary measure for a population i…

the sample statistic, such as sample mean, when used to estim…

a measure of central location computed by summing the data va…

Sample statistic

a numerical value used as a summary measure for a sample i.e.…

population parameter

a numercal value used as a summary measure for a population i…

Null Hypothesis

Alternative Hypothesis

Type II Error

Type I Error

the hypothesis tentatively assumed true in the hypothesis tes…

the hypothesis concluded to be true if the null hypothesis is…

the error of accepting Ho, when it is false.

the probability of rejecting Ho when it is true.

Null Hypothesis

the hypothesis tentatively assumed true in the hypothesis tes…

Alternative Hypothesis

the hypothesis concluded to be true if the null hypothesis is…

probability

experiment

sample space

sample point

a numerical measure of the likelihood that an event will occur

a process that generates well-defined outcomes

the set of all experimental outcomes

an element of the sample space. a sample point represents an…

probability

a numerical measure of the likelihood that an event will occur

experiment

a process that generates well-defined outcomes

Random Variable

Discrete random variable

Continuous Random variable

Probability distribution

A numerical description of the outcome of an experiment.

A random variable that may assume either a finite number of v…

A random variable that may assume any numerical value in an i…

a description of how the probabilities are distributed over t…

Random Variable

A numerical description of the outcome of an experiment.

Discrete random variable

A random variable that may assume either a finite number of v…

Sampled population

Frame

Parameter

Simple random sample

The population from which the sample is taken.

A listing of the elements the sample will be selected from.

A numerical characteristic of a population, such as populatio…

A simple random sample of size n from a finite population of…

Sampled population

The population from which the sample is taken.

Frame

A listing of the elements the sample will be selected from.

Methods for developing useful decision…

The process of capturing, storing, and…

The subject of data mining deals with…

In a questionnaire, respondents are as…

d. data mining

c. data warehousing

a. methods for developing useful decision-making information…

b. nominal scale

Methods for developing useful decision…

d. data mining

The process of capturing, storing, and…

c. data warehousing

probability

experiment

sample space

sample point

a numerical measure of the likelihood that an event will occur

a process that generates well-defined outcomes

the set of all experimental outcomes

an element of the sample space. a sample point represents an…

probability

a numerical measure of the likelihood that an event will occur

experiment

a process that generates well-defined outcomes

Sampled population

Frame

Parameter

Simple random sample

The population from which the sample is taken.

A listing of the elements the sample will be selected from.

A numerical characteristic of a population, such as populatio…

A simple random sample of size n from a finite population of…

Sampled population

The population from which the sample is taken.

Frame

A listing of the elements the sample will be selected from.

The measure of location which is the m…

The most important statistical descrip…

If two groups of numbers have the same…

The mean of the sample... a. is always s…

d. mean

a. mean

d. None of these alternatives is correct.

d. None of these alternatives is correct.

The measure of location which is the m…

d. mean

The most important statistical descrip…

a. mean

Statistics ( p. 3)

Data (p. 5)

Elements (p. 5)

Variable (p. 5)

the art and science of collecting, analyzing, presenting, and…

the facts and figures collected, analyzed and summarized for…

the entities on which data are collected

a characteristic of interest for the elements

Statistics ( p. 3)

the art and science of collecting, analyzing, presenting, and…

Data (p. 5)

the facts and figures collected, analyzed and summarized for…

A frequency distribution is a tabular…

A tabular summary of a set of data sho…

The relative frequency of a class is c…

The percent frequency of a class is co…

d. number of items in several classes

b. relative frequency distribution

d. dividing the frequency of the class by the sample size

c. multiplying the relative frequency by 100

A frequency distribution is a tabular…

d. number of items in several classes

A tabular summary of a set of data sho…

b. relative frequency distribution

Probability Density Function

Uniform Probability Distribution

Normal Probability Distribution

Standard Normal Probability Distribution

a function used to compute probabilities for a continuous ran…

a continuous probability distribution for which the probabili…

a continuous probability distribution. Its probability densit…

A normal distribution with a mean of zero and a standard devi…

Probability Density Function

a function used to compute probabilities for a continuous ran…

Uniform Probability Distribution

a continuous probability distribution for which the probabili…

The measure of location which is the m…

The most important statistical descrip…

If two groups of numbers have the same…

The mean of the sample... a. is always s…

d. mean

a. mean

d. None of these alternatives is correct.

d. None of these alternatives is correct.

The measure of location which is the m…

d. mean

The most important statistical descrip…

a. mean

Data

Variable

Observation

Variation

The facts and figures collected, analyzed, summarized for pre…

A characteristic of quantity of interest that can take on dif…

A set of values corresponding to a set of variables

Differences in values of a variable over observations

Data

The facts and figures collected, analyzed, summarized for pre…

Variable

A characteristic of quantity of interest that can take on dif…

Statistics ( p. 3)

Data (p. 5)

Elements (p. 5)

Variable (p. 5)

the art and science of collecting, analyzing, presenting, and…

the facts and figures collected, analyzed and summarized for…

the entities on which data are collected

a characteristic of interest for the elements

Statistics ( p. 3)

the art and science of collecting, analyzing, presenting, and…

Data (p. 5)

the facts and figures collected, analyzed and summarized for…

Wants

Needs

Goods

Services

are things that you do not have to have to survive.

are things that you must have in order to survive.

are physical products.

are tasks that businesses perform for consumers.

Wants

are things that you do not have to have to survive.

Needs

are things that you must have in order to survive.

Statistics

Data

Data Set

Elements

The art and science of collecting, analyzing, presenting, and…

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

All the data collected in a particular study.

The entities on which data are collected.

Statistics

The art and science of collecting, analyzing, presenting, and…

Data

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

Data

Variable

Observation

Variation

The facts and figures collected, analyzed, summarized for pre…

A characteristic of quantity of interest that can take on dif…

A set of values corresponding to a set of variables

Differences in values of a variable over observations

Data

The facts and figures collected, analyzed, summarized for pre…

Variable

A characteristic of quantity of interest that can take on dif…

A frequency distribution is a tabular…

A tabular summary of a set of data sho…

The relative frequency of a class is c…

The percent frequency of a class is co…

d. number of items in several classes

b. relative frequency distribution

d. dividing the frequency of the class by the sample size

c. multiplying the relative frequency by 100

A frequency distribution is a tabular…

d. number of items in several classes

A tabular summary of a set of data sho…

b. relative frequency distribution

Methods for developing useful decision…

The process of capturing, storing, and…

The subject of data mining deals with…

In a questionnaire, respondents are as…

d. data mining

c. data warehousing

a. methods for developing useful decision-making information…

b. nominal scale

Methods for developing useful decision…

d. data mining

The process of capturing, storing, and…

c. data warehousing

What do most indexes have in common

In a weighted index, what variable is…

What is a price index for a single com…

What is a major disadvantage of the un…

A base period and a current period

quantity

price relative

extremely large or small values overly influence the index

What do most indexes have in common

A base period and a current period

In a weighted index, what variable is…

quantity

The measure of location which is the m…

The most important statistical descrip…

If two groups of numbers have the same…

The mean of the sample... a. is always s…

d. mean

a. mean

d. None of these alternatives is correct.

d. None of these alternatives is correct.

The measure of location which is the m…

d. mean

The most important statistical descrip…

a. mean

The population proportion is an exampl…

In a probability sample each item in t…

In a simple random sample each item in…

The sampling error is

population parameter

a chance of being selected

the same chance of being selected; drawing a name out of a hat

the difference between a sample statistic and a population pa…

The population proportion is an exampl…

population parameter

In a probability sample each item in t…

a chance of being selected

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

Can we ever say that data comes from n…

What is a normal quantile plot?

What is the key shape of a uniform dis…

Is skewed data normally distributed?

No, because we never know with 100% certain. We can only assu…

Plot used to see if it is okay to assume the data comes from…

A box/rectangle

No, this is not a normal distribution

Can we ever say that data comes from n…

No, because we never know with 100% certain. We can only assu…

What is a normal quantile plot?

Plot used to see if it is okay to assume the data comes from…

Shareholders

Financial Plan

Balance Sheet

Assets

The owners of a company who buy shares, or parts, of the comp…

A description of a business's start-up costs, operating expen…

A summary of a business's assets, liabilities, and owner's of…

Anything of value that a person or business owns.

Shareholders

The owners of a company who buy shares, or parts, of the comp…

Financial Plan

A description of a business's start-up costs, operating expen…

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…

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…

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…

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

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…

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

descriptive statistics

inferential statistics

sample

population

organizes, summarizes, and communicates a group of numerical…

uses sample data to make general estimates about the larger p…

is a set of observations drawn from the population of interest

includes all possible observations about which we'd like to k…

descriptive statistics

organizes, summarizes, and communicates a group of numerical…

inferential statistics

uses sample data to make general estimates about the larger p…

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