Stats Chapter 1 Vocab

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sisqo
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230994
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Stats Chapter 1 Vocab
Updated:
2013-08-22 23:44:28
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Chapter 1 vocab and worksheet
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  1. If a data set is categorical
    it will be a yes or no type of variable.  For example, are you male or female, registered to vote, etc.
  2. a data set is numerical
    it either has to be discrete or continuous.
  3. Discrete variables
    arise from a counting process - how many items were purchased.
  4. Continuous variables
    Arise from a counting process - how many items were purchased.
  5. Three Reasons to Study Statistics:
    1. Being an Informed Information Consumer numerical;information is everywhere.

    • 2) Evaluating Decisions ;That Affect Your life You should know
    • how to use statistical techniques to evaluate;decisions that affect your well being. Be able to ask/answer;the question: Are decisions being made in a reasonable way? ;

    • 3. Understanding and Making Decisions -;
    • Making informed decisions and assessing the risk of various choices.
    • Using statistical tools, you should know how to collect data in a reasonable
    • manner, summarize the data, analyze the data, and then draw conclusions and
    • assess the risk of an incorrect decision. It lets you know about the risks
    • involved with makings decision especially in business and lets you understand
    • and reduce the variation in the decision-making process
  6. Statistics
    • is the science of collecting, organizing, presenting, analyzing, and drawing
    • conclusions from data. It is a scientific discipline that provides methods for
    • making sense from data. It is NOT as come people (out of ignorance) claim a way
    • to lie with numbers, We will NOT use statistics to lie. Recall that Proverbs reminds;us;

    • The Lord detests lying lips, but he delights in men who are truthful
    • (Proverbs 12:22).

    When these tools are used intelligently, it offers a powerful;way to gain valuable insight into our world.
  7. Ethics
    Make sure that you honor God in all decisions. He is the ultimate boss — make Him central in all your decisions.Truth, honesty, and integrity must be maintained when using statistics. The information collected and analyzed must reflect the true performance of a company in order to not mislead investors, stockholders, and the public in general.

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