MAT 2170

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Author:
metasys
ID:
258813
Filename:
MAT 2170
Updated:
2014-01-28 08:39:47
Tags:
Business Statistics
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Description:
Vocabulary
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  1. Association
    • an organization of people with a common purpose and having a formal structure.
    • the act of associating or state of being associated.
    • connection or combination.
    • the connection or relation of ideas, feelings, sensations, etc.; correlation of elements of perception, reasoning, or the like.
  2. Bar Chart
    a graph using parallel bars of varying lengths, as to illustrate comparative costs, exports, birth-rates, etc.
  3. Box-and-Whisker Plot
    (aka Box Plot)
    a graphical summary of data that is based on a five-number summary. A key to the development of a box plot is a computation of the interquartile range, IQR = Q3 - Q1.
  4. Categorical Data
    • Data that can be grouped by specific categories are referred to as categorical data.
    • Categorical data use either the nominal or ordinal scale of measurement.
  5. Census
    The process of conducting a survey to collect data for the entire population is called a census.
  6. Central Tendency
    the tendency of samples of a given measurement to cluster around some central value.
  7. Chebyshev's Theorem
    • Chebyshev's theorem enables us to make statements about the portion of data values that must be within a specified number of standard deviations of the mean.
    • At least 75%, of the data values must be within 2 standard deviations of the mean.
    • At least 89%, of the data values must be within three standard deviations of the mean.
    • At least 94%, of the data values must be within four standard deviations of the mean.
  8. Correlation Coefficient

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