Chapter 1 Business Statistics – Flashcards
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Which of the following is an example of quantitative data?
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the number of people in a waiting line
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Which of the following is an example of categorical data?
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social security number
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A characteristic of interest for the elements is called a(n)
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variable
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In a data set, the number of observations will always be the same as the number of
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elements
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Quantitative data
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are always numeric
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Categorical data
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are labels used to identify attributes of elements
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Ordinary arithmetic operations are meaningful
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only with quantitative data
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Data collected at the same, or approximately the same, point in time are
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cross-sectional data
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Data collected over several time periods are
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time series data
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Statistical studies in which researchers do not control variables of interest are
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observational studies
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Statistical studies in which researchers control variables of interest are
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experimental studies
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The most common type of observational study is
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a survey
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The summaries of data, which may be tabular, graphical, or numerical, are referred to as
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descriptive statistics
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A Scanner Data User Survey of 50 companies found that the average amount spent onscanner data per category of consumer goods was $387,325 (Mercer Management Consulting,Inc., April 24, 1997). The $387,325 is an example of
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Both quantitative data and a descriptive statistic are correct.
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Statistical inference
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is the process of drawing inferences about the population based on the information taken from the sample
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A portion of the population selected to represent the population is called
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a sample
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In a sample of 800 students in a university, 360, or 45%, live in the dormitories. The 45% isan example of
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descriptive statistics
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In a sample of 800 students in a university, 160, or 20%, are Business majors. Based on theabove information, the school's paper reported that "20% of all the students at the university areBusiness majors." This report is an example of
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statistical inference
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Six hundred residents of a city are polled to obtain information on voting intentions in anupcoming city election. The six hundred residents in this study is an example of a(n)
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sample
