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Statistics

Data

Business Statistics

Statistics in Business: Marketing

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

Information or facts about some characteristics of subjects o…

Demonstrating how to transform business data into useful info…

Effectiveness of odds, commercials, markets

Statistics

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

Data

Information or facts about some characteristics of subjects o…

The origin of statistics

Statistics Defined (descriptive defini…

Statistics (inferential definition)

Father of Modern Statistics...

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

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

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

Sir Ronald A. Fisher

The origin of statistics

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

Statistics Defined (descriptive defini…

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

According to Chebyshev's Theorem, 75%…

The order that runners finish in a rac…

For an ordered data set with an even n…

What level of measurement is the price…

False

False

True

Ratio

According to Chebyshev's Theorem, 75%…

False

The order that runners finish in a rac…

False

data

elements

variable

observation

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

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 (c…

data

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

elements

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

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 d…

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

The quantitative relation between two amounts showing the num…

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 d…

According to Chebyshev's Theorem, 75%…

The order that runners finish in a rac…

For an ordered data set with an even n…

What level of measurement is the price…

False

False

True

Ratio

According to Chebyshev's Theorem, 75%…

False

The order that runners finish in a rac…

False

The branch of statistics that collects…

The number of workers reporting sick i…

Categorizing students as freshmen, sop…

The branch of statistics that uses sam…

descriptive

discrete

ordinal

inferential

The branch of statistics that collects…

descriptive

The number of workers reporting sick i…

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 t…

the observed is MORE than expected

skew

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

mean

good for unimodal, symmetric distributions

operational definition

categorical variables

numerical variables

discrete variables

universally accepted meaning that is clear to all associated…

aka qualitative variables; have values that can only be place…

aka quantitative variables; have values that represent a coun…

have numerical values that arise from a counting process

operational definition

universally accepted meaning that is clear to all associated…

categorical variables

aka qualitative variables; have values that can only be place…

Business statistics

Biased sample

Cross-sectional data

Data

statistics applied to the business world to help improve peop…

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 peop…

Biased sample

a sample that does not represent the intended population that…

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…

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 w…

Integration of computer hardware, software and human knowledg…

Classical Statistics

A branch of mathematics dealing with the collection, analysis…

Bayesian Statistics

A method of decision-making in the face of uncertainty.

statistics

The process of statistics:

Two areas of statistics

descriptive statistics

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

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 analy…

The process of statistics:

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

Biased Sample

Primary data

Secondary data

Nominal level of measurement

A sample that does not represent the intended population and…

Data collected by the person/organization who uses the data

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

Qualitative data observations that are assigned to predetermi…

Biased Sample

A sample that does not represent the intended population and…

Primary data

Data collected by the person/organization who uses the data

data

statistics

population

sample

consists of information that comes from observations, counts,…

how do we organize, analyze, interpret data in order to make…

the collection of all outcomes, responses, measurements, or c…

subset of a population

data

consists of information that comes from observations, counts,…

statistics

how do we organize, analyze, interpret data in order to make…

data

data set

elements

variable

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

all the data collected in a particular study

entities on which data are collected

characteristic of interest for the elements

data

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

data set

all the data collected in a particular study

descriptive statistics

inferential statistics

analytics

operation definition

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

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

combines computer systems and statistics to generate new ways…

allows associated with an analysis to understand what the var…

descriptive statistics

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

inferential statistics

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

Ogive

Statistics

Two Types of Statistics

Descriptive Statistics

Cumulative percentage polygon uses the cumulative percentage…

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

Descriptive and Inferential

collect and describe data or organize, summarize and present…

Ogive

Cumulative percentage polygon uses the cumulative percentage…

Statistics

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

statistics

Individuals

variable

quantitative variable

the study of how to collect, organize, analyze, and interpret…

people or objects included in the study

a characteristic of the individual to be measured or observed

has a value or numerical measurement for which operations suc…

statistics

the study of how to collect, organize, analyze, and interpret…

Individuals

people or objects included in the study

data

data set

elements

variable

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

all the data collected in a particular study

entities on which data are collected

characteristic of interest for the elements

data

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

data set

all the data collected in a particular study

active cell

active worksheet

adjacent range

cell

the cell in the worksheet in which you can type the data

the worksheet that is displayed in the work area

all cells touch each other and form a rectangle

the intersection of a row and a column

active cell

the cell in the worksheet in which you can type the data

active worksheet

the worksheet that is displayed in the work area

facts and figures collected, analyzed,…

All the data collected in a particular…

the entities on which data are collected

a characteristic of interests for the…

data

data set

elements

variable

facts and figures collected, analyzed,…

data

All the data collected in a particular…

data set

Census

Survey

Sample

Population

The study of every item in the population

The study of a portion of the population

A portion of the population selected for study

The total of all units that falls within the scope of statist…

Census

The study of every item in the population

Survey

The study of a portion of the population

Biased Sample

Cross-Sectional Data

Descriptive Statistics

Direct Observation

A sample that does not reflect the intended population and ca…

Data values that correspond to a specific time period

Branch of statistics that focuses on summarizing, or displayi…

Method of gathering primary data by observing objects of inte…

Biased Sample

A sample that does not reflect the intended population and ca…

Cross-Sectional Data

Data values that correspond to a specific time period

what are 3 reasons to study statistics?

the science of collecting organizing,…

methods of organizing, summarizing, an…

the methods used to estimate a propert…

1. Data is collected everywhere and require statistical knowl…

statistics

descriptive statistics

inferential statistics

what are 3 reasons to study statistics?

1. Data is collected everywhere and require statistical knowl…

the science of collecting organizing,…

statistics

population

sample

confidence level

significance level

group of all items of interest to a statistical practitioner

set of data drawn from the population

proportion of times that an estimating procedure will be corr…

how frequently the conclusion will be wrong in the long run

population

group of all items of interest to a statistical practitioner

sample

set of data drawn from the population

Which of the following is an example o…

Which of the following is an example o…

A characteristic of interest for the e…

In a data set, the number of observati…

the number of people in a waiting line

social security number

variable

elements

Which of the following is an example o…

the number of people in a waiting line

Which of the following is an example o…

social security number

Business Statistics

Statistical Procedures

Descriptive Statistics

Probability

A collection of procedures and techniques used to convert dat…

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 dat…

Statistical Procedures

Descriptive Statistics, Probability, Inferential Statistics

Census

Infinite Population

Finite Population

Population

procedure of systematically acquiring and recording informati…

population defined so that there is no limit to the number of…

population that contains a limited, countable number of units

a complete set of units to be studied

Census

procedure of systematically acquiring and recording informati…

Infinite Population

population defined so that there is no limit to the number of…

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 o…

Sampled Population

The population from which the sample is taken.

Frame

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

statistics

statistics

individuals

variable

the study of how to collect, organize, analyze, and interpret…

both the science of uncertainty and the technology of extract…

the people or objects included in the study

a characteristic of the individual to be measured or observed

statistics

the study of how to collect, organize, analyze, and interpret…

statistics

both the science of uncertainty and the technology of extract…

Descriptive Statistics

Statistics

Population

Sample

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

the science of collecting, organizing, presenting, analyzing,…

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…

Statistics

the science of collecting, organizing, presenting, analyzing,…

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…

Business statistics

Descriptive Statistics

inferential statistics

Population

the collection, summarization, analysis, and reporting of num…

describes or summarizes the characteristics of a set of data

(inductive statistics) makes inferences regarding the phenome…

(universe) the entire set of people or objects of interest

Business statistics

the collection, summarization, analysis, and reporting of num…

Descriptive Statistics

describes or summarizes the characteristics of a set of data

Business

Goods

Services

Revenue

An organization that strives for a profit by providing goods…

Tangible items manufactured by businesses

Intangible offerings of businesses that can't be held, touche…

The money a company earns from providing services or selling…

Business

An organization that strives for a profit by providing goods…

Goods

Tangible items manufactured by businesses

Define Statistics

Define descriptive statistics

define inferential statistics

operational definitions

math that transforms numbers into useful information for deci…

focuses on collecting, summarizing, presenting, and analyzing…

data that have been collected from a small group to draw conc…

universally accepted meanings that are clear to all associate…

Define Statistics

math that transforms numbers into useful information for deci…

Define descriptive statistics

focuses on collecting, summarizing, presenting, and analyzing…

variable

quantitative variable

qualitative variable

cross-sectional data

any characteristic of an element

If the possible measurements of the values of a variable are…

if we simply record into which of several categories an eleme…

data collected at the same or approximately the same point in…

variable

any characteristic of an element

quantitative variable

If the possible measurements of the values of a variable are…

discrete

continuous

frequency distributions

dot plot

countable number of values

infinite number of values

organizes data into mutually exclusive classes... the number of…

makes a dot out of the frequency, no shape, 1 variable

discrete

countable number of values

continuous

infinite number of values

Mean

Median

Mode

Descriptive Statistics

Average; the sum total of a data set divided by the number of…

The middle value of a data set that is in numerical order. If…

The number that occurs most in a data set. If every number oc…

"Tabular, graphical, and numerical summaries of data."... Examp…

Mean

Average; the sum total of a data set divided by the number of…

Median

The middle value of a data set that is in numerical order. If…

A survey to collect data on the entire…

In a questionnaire, respondents are as…

The scale of measurement that is used…

The ordinal scale of measurement has t…

census

nominal scale

ordinal

nominal

A survey to collect data on the entire…

census

In a questionnaire, respondents are as…

nominal scale

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…

Describes how probabilities are distributed over the values o…

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…

Science of collecting, organizing, pre…

what type of measurement has no natura…

data arranged in some order but the di…

meaningful amounts of differences betw…

Statistic

interval

ordinal

interval measurement

Science of collecting, organizing, pre…

Statistic

what type of measurement has no natura…

interval

data

elements

variable

observation

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

the entities on which data are collected

a characteristic of interest for the elements

the set of measurements obtained for a particular element

data

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

elements

the entities on which data are collected

Statistics

Application in business economics

Data

Data set

numerical facts such as averages, medians, percentages, and i…

accounting, economics, finance, marketing, and production.

are the facts and figures collected, analyzed and summarized…

all the data collected in a particular study.

Statistics

numerical facts such as averages, medians, percentages, and i…

Application in business economics

accounting, economics, finance, marketing, and production.