Chapters 1-4 Business Statistics – Flashcards
Unlock all answers in this set
Unlock answersquestion
Mean
answer
Average; the sum total of a data set divided by the number of values in the set. Gives the average value of the entire set
question
Median
answer
The middle value of a data set that is in numerical order. If the number of values is even you divide the middle two values.
question
Mode
answer
The number that occurs most in a data set. If every number occurs the same amount of times there is no mode
question
Descriptive Statistics
answer
"Tabular, graphical, and numerical summaries of data." Examples: Skewness, Average, Etc
question
Nominal Scale
answer
"The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Nominal data may be non-numeric or numeric."
question
Ordinal Scale
answer
"The scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank of the data is meaningful. Ordinal data may be non-numeric or numeric."
question
Interval Scale
answer
"The Scale of measurement for a variable if the data demonstrate the properties of ordinal data and the internal between values is expressed in terms of a fixed unit of measure. Interval data are always numeric"
question
Ratio Scale
answer
"The scale of measurement for a variable if the data demonstrate all the properties of interval data and the ratio of two values is meaningful. Ratio data are always numeric."
question
Categorical Data
answer
"Labels or names used to identify an attribute of each element. Categorical data use either the nominal or ordinal scale of measurement and may be non-numeric or numeric."
question
Quantitative Data
answer
"Numeric values that indicate how much or how many of something. Quantitative data are obtained using either the interval or ratio scale of measurement."
question
Statistical Inference
answer
"The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population"
question
Variance
answer
(S²) = ?(X-Xbar)²/n-1
question
Standard Deviation
answer
s, or ? = ??(X-Xbar)²/n-1 IS A HIGH QUALITY MEASUREMENT. Uses all the numbers in the set and a "sophisticated formula".
question
Ogive
answer
A graph of cumulative distribution
question
Histogram
answer
A graphical presentation of a frequency distribution. Class internals are placed on the horizontal axis and the bars are all touching.
question
Frequency Distribution
answer
A tabular summary of data showing the number (frequency) of data values in each of several non-overlapping classes.
question
Relative Frequency Distribution
answer
A tabular summary of data showing the percentage of data values in each of several non-overlapping classes.
question
Measures of Dispersion
answer
Examples: Skewness, Coefficient of Variation, Variance
question
Why use (n-1)?
answer
- To remove constraint of ?(X-Xbar) - Dividing by just N results in an underestimation with a sample when calculating population standard deviations.
