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BIT 2405 Test 1
Modern Business Statistics(Anderson/Sweeney/Williams): Chapter 1 - 5
49
Business
Undergraduate 2
02/24/2010

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Cards

Term
μ
Definition
population mean
Term

                   _

sample mean x

Definition

 

   

__    Σ xi    <---- sum of the values of the n observations

X = _______

n    <---- number of observations in sample

(sample size)

Term
σ
Definition
standard deviation
Term

approximate class width

equation

Definition

largest data value - smallest data value

number of classes

Term

categorical or qualitative

data

Definition
  • labels or names to identify attributes
  • nominal or ordinal scale
  • numeric or nonnumeric
  • limited statistical analyses
Term
census
Definition
collecting data for all elements in a population
Term
central tendency theory
Definition
many variables in reality tend to have values near each other -- exist around some "center" value
Term
compute index i, the position of pth percentile
Definition

i = (p / 100) * n

  • if i is not an integer, round up; the pth percentile is the value in the ith position
  • if i is an integer, the pth percentile is the average of the values in positions i and i + 1

 

Term
continuous
Definition
  • how much: real value may fall between intervals of scale
  • the characteristic in reality can take on an infinite number or possible values

ex: height, weight, temperature, energy

Term
cross-sectional data
Definition
  • data collected at same or approximately same point in time

ex: take temp at 15 diff locations in rooom at beginning of class

 

Term
cumulative frequency distribution
Definition
shows the number of items with values less than or equal to the upper limit of each class
Term
cumulative percent frequency distribution
Definition
shows the percentage of items with values less than or equal to the upper limit of each class
Term
cumulative relative frequency distribution
Definition
shows the proportion of items with values less than or equal to the upper limit of each class
Term
data
Definition

the facts and figures collected, summarized,

     analyzed, and interpreted

Term
data set
Definition

the data collected in a particular study

 

the total # of data values in a complete data set

= # of elements * # of variables

 

 

 

 

 

Term
descriptive statistics
Definition

tabular, graphical, and numerical methods

used to summarize and present data

Term
discrete
Definition
  • how many: counting whole things
  • the characteristic in reality only takes on specific (integer) values

ex: people, votes, cars, lightning strikes, hurricanes

Term
element
Definition
an entity on which data are collected
Term
frequency distribution
Definition
  • a tabular summary of data showing the frequency(#) of items in each of several non-overlapping classes
  • objective: to provide insights about data that can't be quickly obtained by looking only at the original data
Term
interval
Definition
  • the data have properties of ordinal data, and interval between observations is expressed in terms of a fixed unit of measure
  • always numeric
  • zero point is arbitrary

ex: temperature (zero point doesn't mean no temperature)

Term
location fo the median
Definition
[image]
Term

mean

of a data set

Definition

the average of all the data values

 

 

Term
nominal
Definition
  • order of data has no particular meaning
  • data are labels or names used to identify an attribute of the element
  • a nonnumeric label or numeric code may be used
Term
observation
Definition

the set of measurements collected for a particular element

 

a data set with n elements has n observations

Term
ogive
Definition
graph of cumulative distribution (so it has a positive slope)
Term
ordinal
Definition
  • the data have the properties of nominal data and the order or rank of the data is meaningful
  • sorting provides additional meaning between one element and another
  • a nonnumeric label or numeric code may be used
Term

percent frequency

of a class

Definition
the relative frequency * 100
Term
percent frequency distribution
Definition
a tabular summary of a set of data showing the percent frequency for each class
Term
point estimator
Definition

a sample statistic corresponding to a

population parameter  

the sample mean x is the point estimator of the population mean m

Term
population
Definition

the set of all elements of interest

in a particular study

Term
population mean m 
Definition

S xi        <----- sum of the values of the N observations

m = --------

N        <----- number of observations in population

Term
population parameters
Definition
if measures are computed for data from a population
Term
quantitative data
Definition
  • always numeric
  • discrete (for how many)
  • continuous (for how much)
  • ordinary arithmetic operations make sense
Term
ratio
Definition
  • all properties of interval data and the ratio of two values is meaningful
  • must contain a zero value that indicates that nothing exists for the variable at the zero point (absolute zero)

ex: distance, height, weight, time

Term

relative frequency

of a class

Definition
the fraction/proportion of the total number of data items belonging to the class
Term
relative frequency distribution
Definition
a tabular summary of a set of data showing the relative frequency for each class
Term
sample
Definition
a subset of the population
Term
sample statistics
Definition
if the measures (of location) are computed for data from a sample
Term
sample survey
Definition
collecting data for a sample
Term

scales of measurement

identify 4 types

Definition
  • determines the amount of information contained in the data
  • indicates the data summarization and statistical analyses that are most appropriate
  • 4 types: nominal, ordinal, interval, ratio
Term
statistical inference
Definition
the process of using data obtained from a sample to make estimates and test hypotheses about the characteristics of a population
Term
time series data
Definition
  • data collected over several time periods

ex: take temp at 15 diff locations at beginning, halfway, and end of class

Term
variable
Definition
a characteristic of interest for the elements
Term
variance
Definition
  • a measure of variability that utilizes all the data
  • based on difference between the value of each observation (xi) and the mean

for a sample

   S (xi - sample mean)2

s2=-----------------------------------

n - 1

 

for a population (census)

S (xi - m)2

s2 = ---------------------

N

Term
what we learn from mean, median, mode
Definition

mean: balance point of values

median: halfway point of the number of samples

mode: most "popular" value

Term

z-score

equation

Definition

xi - sample mean

zi  = -------------------------------------------

s (standard deviation)

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