# Study sets matching "quiz 1 terms business statistics"

Study sets

Diagrams

Classes

Users

The branch of statistics that collects,…

The number of workers reporting sick in…

Categorizing students as freshmen, soph…

The branch of statistics that uses samp…

descriptive

discrete

ordinal

inferential

The branch of statistics that collects,…

descriptive

The number of workers reporting sick in…

discrete

statistics

elements

variable

observation

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

entities on which data are collected

a characteristic of interest for the element

the set of measurements obtained for a particular element

statistics

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

elements

entities on which data are collected

Sample

Population

Quantitative

Qualitative

Is a subset of a population

Uses the complete collection of all elements (census)

Consists of numbers representing counts of measurements such a…

Separated into different categories that are by some non-numer…

Sample

Is a subset of a population

Population

Uses the complete collection of all elements (census)

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Qualitative Variable

Quantitative variable

Quantitative/ Discrete

Quantitative/ continuous

Categorical ... EX: gender, material status, student letter grades

Numerical ... EX: number of kids, salary, weight

Counts ... EX: number of kids

Measured on a continuum ... EX: salary weight

Qualitative Variable

Categorical ... EX: gender, material status, student letter grades

Quantitative variable

Numerical ... EX: number of kids, salary, weight

Categorical Data

Categorical Variable

Quantitative Data

Quantitative Variable

Labels or names used to identify parts of each element uses no…

A variable with categorical Data

Numeric Values that tell us how much or how many of something…

a variable with quantitative data

Categorical Data

Labels or names used to identify parts of each element uses no…

Categorical Variable

A variable with categorical Data

nomial

ordinal

interval

ratio

labels or names used to identify an attribute of the element

has properties of nominal data and the order or rank of the da…

same properties of ordinal data expressed in terms of a fixed…

The quantitative relation between two amounts showing the numb…

nomial

labels or names used to identify an attribute of the element

ordinal

has properties of nominal data and the order or rank of the da…

According to Chebyshev's Theorem, 75% p…

The order that runners finish in a race…

For an ordered data set with an even nu…

What level of measurement is the price…

False

False

True

Ratio

According to Chebyshev's Theorem, 75% p…

False

The order that runners finish in a race…

False

data

elements

variable

observation

facts and figures that are collected, summarized, analyzed, an…

the entities on which data is collected (who you collect your…

a characteristic of interest for the elements

the set of measurements collected for a particular element (co…

data

facts and figures that are collected, summarized, analyzed, an…

elements

the entities on which data is collected (who you collect your…

descriptive statistics

example of descriptive stats

inferential statistics

example of inferential stats

used to summarize or describe the data collected

35% of students in class wear steve madden shoes

arrive at inferences regarding sample data

political pollsters: predict voting behavior of millions by sa…

descriptive statistics

used to summarize or describe the data collected

example of descriptive stats

35% of students in class wear steve madden shoes

Elements

Variable

Observation

Population

entities on which data is collected

A characteristic of interest for the element

The set of measurements obtained for a particular element

the set of all the elements of interest in a study

Elements

entities on which data is collected

Variable

A characteristic of interest for the element

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)

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

random selection

statistics

variation

data

everyone has an equal chance of getting picked

the science of collecting, organizing, summarizing, and analyz…

differences or changes in an item

observations gathered to draw conclusions

random selection

everyone has an equal chance of getting picked

statistics

the science of collecting, organizing, summarizing, and analyz…

Parameter

Population

Sample

Representative sample

Numerical measurement describing data from a population

A group of individuals or objects under study

Small group we select from population

A sample is representative from a population if it matches the…

Parameter

Numerical measurement describing data from a population

Population

A group of individuals or objects under study

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.

frequency distribution

frequency f

lower class limit

upper class limit

table showing classes or intervals of data entries with a coun…

number of data entries in the class

least number that can belong to a class

greatest number that can belong to a class

frequency distribution

table showing classes or intervals of data entries with a coun…

frequency f

number of data entries in the class

Which of the following is an example of…

Which of the following is an example of…

A characteristic of interest for the el…

In a data set, the number of observatio…

the number of people in a waiting line

social security number

variable

elements

Which of the following is an example of…

the number of people in a waiting line

Which of the following is an example of…

social security number

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…

What are the 2 types of variables

Numerical Data

Categorical or Qualitative

2 types of numerical data

1. Numerical Data... 2. Categorical

Ask a question get a number back

Ask a question and don't get back a number

1. discret... 2. contuinious

What are the 2 types of variables

1. Numerical Data... 2. Categorical

Numerical Data

Ask a question get a number back

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Business Statistics

Statistical Procedures

Descriptive Statistics

Probability

A collection of procedures and techniques used to convert data…

Descriptive Statistics, Probability, Inferential Statistics

Procedures and techniques designed to describe data

Traditional probability, like games of chance

Business Statistics

A collection of procedures and techniques used to convert data…

Statistical Procedures

Descriptive Statistics, Probability, Inferential Statistics

Business

Business Environment

Free Trade

Profit

Any organization or activity that provides goods and services…

Setting in which business operates

international trade left to its natural course without tariffs…

Money earned by a business in Revenue minus expenses

Business

Any organization or activity that provides goods and services…

Business Environment

Setting in which business operates

Categorical Data

Quantitative Data

Best Ways to Summarize Categorical Data:

Frequency Distribution

-uses labels or names to identify categories of like items

-numerical values that indicate how much or how many

-***Frequency Distribution... -Relative Frequency Distribution... -P…

-a tabular summary of data showing the number (frequency) of o…

Categorical Data

-uses labels or names to identify categories of like items

Quantitative Data

-numerical values that indicate how much or how many

False

Variable

Variable

Measurement

In a data set of information on college business students, an…

Any characteristic of a population unit is a(n):

Any characteristic of an element is called a ____________.

The process of assigning a value of a variable to each element…

False

In a data set of information on college business students, an…

Variable

Any characteristic of a population unit is a(n):