Chapters 1-4 Business Statistics – Flashcards
19 test answers
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Nominal Scale
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"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."
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Ordinal Scale
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"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."
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Interval Scale
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"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"
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Ratio Scale
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"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."
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Categorical Data
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"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."
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Quantitative Data
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"Numeric values that indicate how much or how many of something. Quantitative data are obtained using either the interval or ratio scale of measurement."
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Statistical Inference
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"The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population"
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Variance
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(S²) = ?(X-Xbar)²/n-1
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Standard Deviation
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s, or ? = ??(X-Xbar)²/n-1 IS A HIGH QUALITY MEASUREMENT. Uses all the numbers in the set and a "sophisticated formula".
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Ogive
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A graph of cumulative distribution
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Histogram
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A graphical presentation of a frequency distribution. Class internals are placed on the horizontal axis and the bars are all touching.
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Frequency Distribution
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A tabular summary of data showing the number (frequency) of data values in each of several non-overlapping classes.
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Relative Frequency Distribution
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A tabular summary of data showing the percentage of data values in each of several non-overlapping classes.
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Measures of Dispersion
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Examples: Skewness, Coefficient of Variation, Variance
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Why use (n-1)?
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- To remove constraint of ?(X-Xbar) - Dividing by just N results in an underestimation with a sample when calculating population standard deviations.
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