# Stats Chapter 1 Vocab

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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.
 Author: sisqo ID: 230994 Card Set: Stats Chapter 1 Vocab Updated: 2013-08-23 03:44:28 Tags: Chapter Folders: Description: Chapter 1 vocab and worksheet Show Answers: