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18 Cards in this Set
- Front
- Back
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Uses of Statistics |
One of the tools used to make decisions in business. We apply statistical concepts in our lives. A student of business or economics, basic knowledge and skills to organize,analyze, and transform data and to present the information. |
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STATISTICS: |
It is the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions. |
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Types of Statistics |
Descriptive Statistics Inferential Statistics |
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Descriptive Statistics |
methods of organizing, summarizing,and presenting data in an informative way |
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Inferential Statistics |
A decision, estimate, prediction, orgeneralization about a population, based on a sample. |
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Population |
A population is the entire set of individuals orobjects of interest, or the measurements obtained from all individuals orobjects of interest. |
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sample |
A sample isa portion, or part,of the population of interest |
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Types of Variables |
Qualitative Quantitative variable |
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Qualitative or attribute variable |
the characteristic being studied is non-numeric |
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Quantitative variable |
informationis reported numerically. |
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Quantitative Variables - Classifications |
discreteor continuous. |
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Discrete |
can only assume certain values, and there are usually "gaps" between values |
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Continuous Variable |
can assumeany value within a specified range. |
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FourLevels of Measurement |
Nominal level Interval level Ordinal level Ratio level |
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Nominal Level |
data that is classified into categoriesand cannot be arranged in any particular order. 1.Observations of a qualitative variable can only be classified and counted. 2. Thereis noparticular order to the labels |
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Ordinal level |
data arranged in some order, but the differences between data values cannot be determined or are meaningless. 1.Data classifications are represented by sets of labels or names (high, medium, low)that have relative values. 2.Because of the relative values, the data classified can be ranked or ordered. |
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Interval level |
similar to the ordinal level, withthe additional property that meaningful amounts of differences between datavalues can be determined. There is no natural zero point 1.Dataclassifications are ordered according to the amount of the characteristic theypossess. 2.Equaldifferences in the characteristic are represented by equal differences in themeasurements. |
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Ratio level |
the interval level with an inherent zerostarting point. Differences and ratiosare meaningful for this level of measurement. |
