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Business Statistics
Statistical Techniques in Business & Economics (chapters 1-7)
Question | Answer |
---|---|
Descriptive statistics | The techniques used to describe the important characteristics of a set of data. This includes organizing the data values into a frequency distribution, computing measures of location, and computing measures of dispersion and skewness. |
Inferential statistics (statistical inference) | This facet of statistics deals with estimating a population parameter based on a sample statistic. For example, if 2 out of the 10 hand calculators sampled are defective, we might infer that 20 percent of the production is defective |
Interval measurement | If one observation is greater than another by a certain amount, and the zero point is arbitrary, the measurement is on an interval scale. |
Nominal measurement | The "lowest" level of measurement. If data are classified into categories and the order of those categories is not important, it is the nominal level of measurement. |
Ordinal measurement | Data that can be ranked are referred to as ordinal measures. |
Population | The collection, or set, of all individuals, objects, or measurements whose properties are being studied. |
Ratio measurement | If the distance between numbers is a constant size, there is a true zero point, and the ratio of two values is meaningful, then the data are ratio scale. |
Sample | A portion, or subset, of the population being studied. |
Statistics | The science of collecting, organizing, analyzing, and interpreting numerical data for the purpose of making more effective decisions. |
Charts | Special graphical formats used to portray a frequency distribution, including histograms, frequency polygons, and cumulative frequency polygons. Other graphical devices used to portray data are line charts, bar charts, and pie charts. |