Statistics -1 test 1

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  1. 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
  2. Define Descriptive statistics
    The methods that help collect, summarize, present, and analyze a set of data
  3. Define Inferential Statistics
    The methods that use the data collected from a small group to draw conclusions about a larger group
  4. Define a Variable
    A characteristic of an in item or individual
  5. Define Data
    The different values associated with a variable
  6. What are operational definitions
    Universally accepted meanings that are clear to all associated with an analysis
  7. Define Population
    Consists of all the items or individuals about which you want to reach conclusions
  8. Define sample
    The portion of a population selected for analysis
  9. Define Parameter
    A measure that describes a characteristic of a population
  10. What is a Statistic
    The measure that describes a characteristic of a sample
  11. Define a categorical variable
    Qualitative variable, have values that can only be placed in categories, like yes and no;
  12. What is Numerical variables
    Quantitative variable, have values that represent quantities, numerical variables are further identified as being either discrete or continuous variables
  13. 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
  14. What is a continuous variable?
    Produce numerical values that arise from a measuring process, IE the time you wait
  15. 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
  16. 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
  17. 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
  18. 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
  19. 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
  20. 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
Card Set:
Statistics -1 test 1
2014-06-15 20:10:35
york college lam
Summer 2014
Stats test 1 terms and review
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