# Study sets matching "quiz 1 terms business statistics"

Study sets

Diagrams

Classes

Users

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…

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

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…

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

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…

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

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)

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

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)

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

Statistic

Data

Elements

Variable

1. numerical fact such as an average, median, percents, ranges…

facts & figures collected, analyzed, & summarized for presenta…

entities on which data are collected

specific characteristic of interest

Statistic

1. numerical fact such as an average, median, percents, ranges…

Data

facts & figures collected, analyzed, & summarized for presenta…

Statistics

types of data

Quantitative Data

Qualitative Data

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

quantitative... qualitative... time-series... cross-sectional

mathematics; such as, age, height, weight, salary, miles per g…

categorical; such as, gender, hair color, classification, mari…

Statistics

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

types of data

quantitative... qualitative... time-series... cross-sectional

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 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.

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…

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

DCOVA framework

data

variable

statistics

Define... Collect... Organize... Visualize... Analyze... A plan to minimize e…

the set of individual values associated with a variable.

a characteristic of an item or individual

the methods that help transform data into useful information f…

DCOVA framework

Define... Collect... Organize... Visualize... Analyze... A plan to minimize e…

data

the set of individual values associated with a variable.

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

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…

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

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

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

What are the 2 types of variables

Numerical Data

Categorical or Qualitative

2 types of numerical data

1. Numerical Data... 2. Categorical

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1. discret... 2. contuinious

What are the 2 types of variables

1. Numerical Data... 2. Categorical

Numerical Data

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