Study sets matching "final exam business essentials statistics"

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Study sets matching "final exam business essentials statistics"

24 terms
Essentials of Statistics for Business and Economics ch 4
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
13 terms
Essentials of Statistics for Business and Economics ch 5
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…
47 terms
Essentials of Statistics for Business and Economics: Chapter 2
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
60 terms
Essentials of Statistics for Business and Economics: Chapter 1
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
47 terms
Essentials of Statistics for Business and Economics: Chapter 2
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
13 terms
Essentials of Statistics for Business and Economics ch 5?
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…
60 terms
Essentials of Statistics for Business and Economics: Chapter 3
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
24 terms
Essentials of Statistics for Business and Economics ch 3
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…
10 terms
Essentials of Statistics for Business and Economics Chapter 9
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…
Essentials of Statistics for Business and Economics ch 4
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
21 terms
Essentials of Statistics for Business and Economics Chapter 7
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.
29 terms
Essentials of Statistics for Business and Economics ch 1
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…
70 terms
Essentials of Statistics for Business and Economics: Chapter 3
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
60 terms
Essentials of Statistics for Business and Economics: Chapter 1
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
38 terms
Chapter 2 Essentials of Business Analytics Descriptive Statistics
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…
23 terms
Essentials of Statistics for Business & Economics - Chapter 1
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…
38 terms
Chapter 2 Essentials of Business Analytics Descriptive Statistics
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…
Essentials of Statistics for Business and Economics ch 1
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…
60 terms
Essentials of Statistics for Business and Economics: Chapter 3
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
60 terms
Essentials of Statistics for Business and Economics: Chapter 1
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
14 terms
Essentials of Statistics for Business and Economics Chapter 5 - NJ
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…
47 terms
Essentials of Statistics for Business and Economics: Chapter 2
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
Essentials of Statistics for Business and Economics Chapter 6 - NJ
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…
47 terms
Essentials of Statistics for Business and Economics: Chapter 2
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
24 terms
Essentials of Statistics for Business and Economics Chapter 4 - NJ
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
23 terms
Essentials of Statistics for Business and Economics Chapter 7 - NJ
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.
60 terms
Essentials of Statistics for Business and Economics: Chapter 3
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
60 terms
Essentials of Statistics for Business and Economics: Chapter 1
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
Essentials of Statistics for Business and Economics: Chapter 2
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
60 terms
Essentials of Statistics for Business and Economics: Chapter 3
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
24 terms
Essentials of Statistics for Business and Economics Q&A - NJ
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
Business Essentials
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.
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…
25 terms
Essentials of Statistics for Business and Economics CH.4&5 Questions - NJ
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
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…
Business Essentials
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…
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
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
28 terms
Essentials for Statistics Chapter 1
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…
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
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…
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…
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…
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…
27 terms
Essential Statistics
Data
Data set
Element
Variable
Facts and figures
The data that are collected from an individual element
Units of population
Any characteristic of a population unit
Data
Facts and figures
Data set
The data that are collected from an individual element
32 terms
Business Essentials - Chapter 1
Basic economic problem
Capital resources
Capitalism
Command economy
the mismatch of unlimited wants and needs and limited economi…
products and money used to produce goods and services.
the private ownership of economic resources by individuals ra…
an economy in which resources are owned and controlled by the…
Basic economic problem
the mismatch of unlimited wants and needs and limited economi…
Capital resources
products and money used to produce goods and services.
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
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…
12 terms
Essentials of Statistics for Business and Economics Q&A2 - NJ
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…
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
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