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Business Statistics 3 Definitions
All the definitions for chapter 3
22
Business
Undergraduate 2
02/12/2013

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Cards

Term

 

 

Parameter

Definition

 

 

A measure computed from the entire population as long as the population does not change

Term

 

 

Statistic

Definition

 

 

A measure computed from a sample that has been selected from a population. The value of the statistic will depend on which sample is selected

Term

 

 

Mean

Definition

 

 

All the values added together divided by the total amount of them

Term

 

 

Population Mean

Definition

 

 

The average for all values in the population computed by dividing the sum of all values by the population size

Term

 

 

Sample Mean

Definition

 

 

The averge for all values in the sample computed by dividing the sum of all sample values by the sample size

Term

 

 

Median

 

Definition

 

 

The median is a center value that divides the data into two halves

Term

 

 

Data Array

Definition

 

 

Data that have been arranged in numerical order

Term

 

 

Symmetric Data

Definition

 

 

Data sets whose values are evenly spread around the center. For symmetric data the mean and the median are equal

Term

 

 

Skewed Data

Definition

 

 

Due to major numbers the number is dramtically shifted to the right or left

Term

 

 

Right Skewed Data

Definition

 

 

The data distribution is right skewed the mean is larger than the median

Term

 

 

 

Left Skewed Data

Definition

 

 

Data skewed to the left

Term

 

 

 

Mode

Definition

 

 

The mode is the value in data set that occurs most frequently

Term

 

 

Weighted Mean

Definition

 

 

The mean value of data values that have been weighted according to their relative importance

Term

 

 

Percentiles

Definition

 

 

The percentile in the data array is a vlaue that breaks the data set into two parts. The lower contains the p and the upper contains at least 100 minus p% and the 50 percentile is the median

Term

 

 

Quartiles

Definition

 

 

Quartiles in a data array are those values that break the data into four equal sized groups and the median corresponds to the second quartile

Term

 

 

Variation

Definition

 

 

A set of data exhibits variation if all the data are not the same value

Term

 

 

Range

Definition

 

 

Is the highest minus the lowest

Term

 

 

Interquartile Range

Definition

 

 

The interquartile range is the third minus the first quartile

Term

 

 

Variance

Definition

 

 

The population variance is the average of the squared distances of the data values from the mean

Term

 

 

Standard Deviation

Definition

 

 

The standard deviation is the positive square root of the variance

Term

 

 

Coefficent Of Variation

Definition

 

 

The ratio of the standard deviation to the mean expressed as a percentage. The coefficent of variation is used ot measure variation relative to the mean

Term

 

 

Standarized Data Values

Definition

 

 

The number of standard deviations a value is from the mean sometimes referred to as z scores

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