# Study sets matching "quiz 1 terms business statistics"

Statistics

Data

Business Statistics

Statistics in Business: Marketing

Science of collecting, organizing, and analyzing DATA and inte…

Information or facts about some characteristics of subjects of…

Demonstrating how to transform business data into useful infor…

Effectiveness of odds, commercials, markets

Statistics

Science of collecting, organizing, and analyzing DATA and inte…

Data

Information or facts about some characteristics of subjects of…

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…

The origin of statistics

Statistics Defined (descriptive definit…

Statistics (inferential definition)

Father of Modern Statistics...

A.) Government Records- In the 16th century, states needed to…

A scientific study of collecting, classifying, summarizing, an…

The science, pure and applied, of creating, developing, and ap…

Sir Ronald A. Fisher

The origin of statistics

A.) Government Records- In the 16th century, states needed to…

Statistics Defined (descriptive definit…

A scientific study of collecting, classifying, summarizing, an…

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

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

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)

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

skew

mean

median

positive residual

right skewed: mean > median... left skewed: mean < median

good for unimodal, symmetric distributions

good when distribution is skewed or has outliers (resistant to…

the observed is MORE than expected

skew

right skewed: mean > median... left skewed: mean < median

mean

good for unimodal, symmetric distributions

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…

Descriptive statistics

inferential Statistics

sample

qualitative variable

methods of organizing, summarizing, and presenting data in an…

method used to estimate the property of a population based off…

portion or part of the population of interest

when a nonnumerical variable is being studied like hair color,…

Descriptive statistics

methods of organizing, summarizing, and presenting data in an…

inferential Statistics

method used to estimate the property of a population based off…

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.

Business statistics

Biased sample

Cross-sectional data

Data

statistics applied to the business world to help improve peopl…

a sample that does not represent the intended population that…

data values that correspond to a specific time period

thee values assigned to specific observations or measurements

Business statistics

statistics applied to the business world to help improve peopl…

Biased sample

a sample that does not represent the intended population that…

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…

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

Statistics

Data

Subjects

Experimental Units

A way of reasoning with tools, methods, and mathematics to hel…

Facts in numeric (ordinal), nominal, ratio, or interval format…

The people or things about which we are interested in understa…

Inanimate objects or laboratory animals used as subjects of re…

Statistics

A way of reasoning with tools, methods, and mathematics to hel…

Data

Facts in numeric (ordinal), nominal, ratio, or interval format…

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

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

Ogive

Statistics

Two Types of Statistics

Descriptive Statistics

Cumulative percentage polygon uses the cumulative percentage d…

is the science of collecting, describing, analyzing, and inter…

Descriptive and Inferential

collect and describe data or organize, summarize and present d…

Ogive

Cumulative percentage polygon uses the cumulative percentage d…

Statistics

is the science of collecting, describing, analyzing, and inter…

Biased Sample

Primary data

Secondary data

Nominal level of measurement

A sample that does not represent the intended population and t…

Data collected by the person/organization who uses the data

Data that someone else has collected and made available for ot…

Qualitative data observations that are assigned to predetermin…

Biased Sample

A sample that does not represent the intended population and t…

Primary data

Data collected by the person/organization who uses the data

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

Statistics

Descriptive Statistics

Inferential Statistics

Population

Science of learning from data and the act of interpreting it

What data is and what it is about

Data to make analyses or conclusions

The entire collection of individuals or subjects that share a…

Statistics

Science of learning from data and the act of interpreting it

Descriptive Statistics

What data is and what it is about

statistics

The process of statistics:

Two areas of statistics

descriptive statistics

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

1. identifying the research objective: identifies a group, or…

1. descriptive statistics... 2. inferential statistics

the collection, presentation, and description of sample data

statistics

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

The process of statistics:

1. identifying the research objective: identifies a group, or…

descriptive statistics

inferential statistics

analytics

operation definition

methods that help collect, summarize, present, and analyze dat…

methods that use data collected from a small group to reach co…

combines computer systems and statistics to generate new ways…

allows associated with an analysis to understand what the vari…

descriptive statistics

methods that help collect, summarize, present, and analyze dat…

inferential statistics

methods that use data collected from a small group to reach co…