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What are the uses of Statistics in the business world?
- To summarize data
- to draw conclusions from those data
- To make reliable forecasts about business activities
- To Improve business processes
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Define Descriptive statistics
The methods that help collect, summarize, present, and analyze a set of data
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Define Inferential Statistics
The methods that use the data collected from a small group to draw conclusions about a larger group
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Define a Variable
A characteristic of an in item or individual
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Define Data
The different values associated with a variable
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What are operational definitions
Universally accepted meanings that are clear to all associated with an analysis
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Define Population
Consists of all the items or individuals about which you want to reach conclusions
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Define sample
The portion of a population selected for analysis
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Define Parameter
A measure that describes a characteristic of a population
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What is a Statistic
The measure that describes a characteristic of a sample
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Define a categorical variable
Qualitative variable, have values that can only be placed in categories, like yes and no;
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What is Numerical variables
Quantitative variable, have values that represent quantities, numerical variables are further identified as being either discrete or continuous variables
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What are Discrete variables?
have numerical values that arise from a counting process, ie the number cable channels subscribed to, also the number of items purchased
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What is a continuous variable?
Produce numerical values that arise from a measuring process, IE the time you wait
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What is a nominal scale?
Classifies data into distinct categories in which no ranking is implied, IE your favorite soft drink, political party, gender, weakest form of measurement
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What is an ordinal scale?
Classifies values into distinct categories in which ranking is implied, IE How was your service, poor, good excellent; the ordering implies only which category is 'greater', not by how much
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What is an interval scale?
An ordered schale in which the difference between measurements is a meaningful quantity but does not involve a true zero point... such as temperature on the Celsious scale
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What is a ratio scale?
an ordered scale in which the difference between the measurements involves a true zero point, height weight, age, or salary
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Define a histogram
a bar chart for grouped numerical data in which you use vertical bars to represent the frequencies or percentages in each group. There are no gaps between adjacent bars. The variable of interest along the x axis, and the frequency or the percentage on you y axis
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What is a Percentage Polygon?
Uses the midpoints of each class interval to represent the data of each class and then plots the midpoints, at their respective class percentages
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