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Business Stats ch 1

Basic Statistics for Business and Economics ch 1

QuestionAnswer
Statistics The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making effective decisions.
Descriptive Statistics Methods of organizing, summarizing, and presenting data in an informative way. (To inform)
Inferential Statistics The methods used to estimate a property of a population on the basis of a sample. (To estimate)
Population The entire set of individuals or objects of interest or the measurements obtained from all individuals or objects of interest.
Sample A portion, or part, of the population of interest.
Qualitative Variable The characteristic being studied is nonnumeric.
What are the two basic types of variables? Qualitative and Quantitative
Quantitative Variable Information is reported numerically.
Quantitative variables are classified as: Discrete and Continuous.
Discrete Variable Can only assume certain values and there are "no gaps: between the values. (Ex. number of children in a family.)
Continuous Variable Can assume any value with in a specific range. (Ex. Height of a student.)
What are the levels of measurement? Nominal, Ordinal, Interval, and Ratio.
Nominal Level Data that can be classified into categories and cannot be arranged in any particular order. Or a qualitative variable the can only be classified and counted. (Ex. The classification of the six colors of M&M's or a phone number.)
Ordinal Level Involves data arranged in some order, but the difference between data values cannot be determined are meaningless. Ranking. (Ex. Ranking students according to test scores.)
Interval Level Similar to the ordinal level, with the additional property that meaningful amounts of differences between data values can be determined. There is no natural zero point. (Ex. Temperature on the Fahrenheit scale.)
Ratio Level The interval level with an inherent zero starting point. Differences and ratios are meaningful for this level of measurement. The highest level of measurement. (Ex. weight, salaries, number of students.)
Created by: dengler
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