Vocabulary Stats For Bus. & Econ Ch. 1

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Statistics

Back 1

the art and science of collecting, analyzing, presenting, and interpreting data

Front 2

Stats in accounting

Back 2

validating every account can be too time-consuming annd expensive. as common practice an audit staff selects a subset of the accounts called a sample. stats are used to see what the sample reflects on the whole of accounts

Front 3

Stats in Finance

Back 3

use statistical info to guide their their investment recommendations.

Front 4

Stats in Marketing

Back 4

electronic scanners at retail checkout counters collect data for a variety of marketing research applications, process data, and sell to manufactures

Front 5

Stats in Production

Back 5

From a sample group they check to see if units fall into an average that is between an upper and lower limit.

Front 6

Stats in Economics

Back 6

providing forecasts about the future of the economy or some aspect of it. Using Producer Price Index, unemployment rate, and manufacturing capacity utilization.

Front 7

Data

Back 7

the facts and figures collected, analyzed, and summarized for presentation and interpretation

Front 8

Data Set

Back 8

all the data collected in a particular study.

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Elements

Back 9

are the entities on which data are collected. i.e. an individual company stock

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variable

Back 10

characteristic of interest for the elements. a particular part of the element that is of interest

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Observation

Back 11

the set of measurements obtained for a particular element

Front 12

Scales of Measurement

Back 12

nominal, ordinal, interval, or ratio

Front 13

Nominal Scale

Back 13

When the data for a variable consist of labels or names used to identify an attribute of the element. i.e. Blood type B, or A, or so on

Front 14

Ordinal Scale

Back 14

exibits the properties of nominal data and the order ofr rank of the data is meaningful.
i.e. good, fair, and poor

Front 15

Interval Scale

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data show the properties of ordinal data and the interval between values is expressed in terms of a numeric value. i.e. scores on SAT 1120, 1050, 970

Front 16

Ratio Scale

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data has all the properties of interval data and the ratio of the two is meaningful. i.e. cereal from 2 companies: $4, $2. 1st comp. twice as much

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Qualitative data

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or categorical data. includes labels or names used to identigy an attribute of each element. nonnumeric or numeric.

Front 18

Quantitative data

Back 18

numeric values that indicate how much or how many.

Front 19

Cross-Sectional data

Back 19

data collected at the same or approximately the same point in time.

Front 20

Time Series data

Back 20

data collected over several time periods.

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2 types of Statistical Studies

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Experimental-identify variable of intrest, then other variables are identified and controlled. Observational-make no attempt to control the variables of interes

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Data Acquisition Error

Back 22

all data values obtained that is not equal to the true or actual value. transposition, erroneous data. always be aware of the possiblity.

Front 23

Descriptive Statistics

Back 23

Summaries of data-tabular, graphical, or numerical. presented in a form that is easy for readers to understand

Front 24

Statistical Inference

Back 24

data from a sample to make estimates and test hypotheses about the characteristics of a population.

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Population

Back 25

the set of all elements of interest in a particular study

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Sample

Back 26

subset of the population

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Census

Back 27

process of conducting a servey to collect data for the entire population

Front 28

Sample Survey

Back 28

process of conducting a survey to collect data for a sample

Front 29

Cycle of Statistical Inference

Back 29

1.Population, unknown adverage
2.sample of population
3.sample data, sample average
4.samp aver to estim pop aver