Statistics CH.1

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  1. List the ways that statics are used.
    1. To make decisions in business

    • 2. To organize, analyze, transform
    • data, and to present the information
  2. What is the differences between descriptive and inferential statistics?
    • Descriptive is for organizing,
    • summarizing, and presenting data.

    Inferential is a decision,estimate, prediction, or generalization about a population based on a sample .
  3. What is the difference between a sample and a population?
    Population is all of the possible individuals or objects.

    Sample is a smaller portion of the population.
  4. What is the difference between qualitative and quantitative variables?
    Qualitative is non-numerical and Quantitative is numerical
  5. What are the differences between discrete and continuous variables?
    • Discrete can only assume certain values.
    • i.e. Number of rooms in a house or number of hammers at the Home Depot.

    • Continuous can assume any value within a specified range.
    • i.e. tire pressure, temperature, body weight…
  6. Name the levels of measurement in data.
    Nominal Level- cannot be arranged and has no value (eye color survey)

    Ordinal Level- can be arranged but the differences have no value or are meaningless(soda taste test)

    Interval Level - can be arranged and differences between data values are meaningful. There is no natural zero point. (temperature)

    Ratio Level - same as interval except has an inherent zero starting point (milesdriven daily)

Card Set Information

Author:
morganhchs
ID:
170737
Filename:
Statistics CH.1
Updated:
2012-09-13 22:39:11
Tags:
statistics business college tables data distribution Chebyshev’s Theorem weighted mean arithmetic Empirical Rule sample population geometric standard deviation grouped
Folders:

Description:
Statistics 101 (Econ 2040) Instructor: Dr. Achintya Ray at Tennessee State University
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