# Shared Flashcard Set

## Details

Chapter One
Data and Statistics
38
Economics
08/24/2011

Term
 Accounting
Definition
 Public accounting firms use statistical sampling procedures when conducting audits for their clients.
Term
 Finance
Definition
 Financial advisors use a variety of statistical information, including price-earnings ratios and dividend yields, to guide their investment recommendations.
Term
 Marketing
Definition
 Electronic point-of-sale scanners at retail checkout counters are being used to collect data for a variety of marketing research applications.
Term
 Production
Definition
 A variety of statistical quality control charts are used to monitor the output of a production process.
Term
 Economics
Definition
 Economists use statistical information in making forecasts about the future of the economy or some aspect of it.
Term
 Data are
Definition
 the facts and figures that are collected, summarized, analyzed, and interpreted.
Term
 data set
Definition
 The data collected in a particular study are referred to as
Term
 Elements
Definition
 The ________ are the entities on which data are collected
Term
 Variable
Definition
 is a characteristic of interest for the elements.
Term
 Observation
Definition
 The set of measurements collected for a particular element is called an __________.
Term
 Total number of data values in a data set
Definition
 is the number of elements multiplied by the number of variables.
Term
 Variables
Definition
 [image]
Term
 Observation
Definition
 [image]
Term
 Elements
Definition
 [image]
Term
 Datum
Definition
 [image]
Term
 Data Set
Definition
 [image]
Term
 Scales of Measurement include:
Definition
 *Nominal*Ordinal*Interval*Ratio
Term
 Scale determines
Definition
 the amount of information contained in the data.
Term
 Scale indicates
Definition
 the data summarization and statistical analyses that are most appropriate.
Term
 Nominal
Definition
 *Date are LABELS or NAMES used to identify and attribute of the element.*A nonnumeric label or a numeric code may be used.
Term
 Ordinal
Definition
 *The data have the properties of nominal data and the order or rank of the data is meaningful.*A nonnumeric label or a numeric code may be used.
Term
 Interval
Definition
 *The data have the properties of ordinal data. The difference between observations can be calculated but the intensity of differences may not be meaningful.*Interval data are always numeric.*Interval data do not have an inherent zero or starting point.
Term
 Ratio
Definition
 *The data have all the properties of interval data and the ratio of two values is meaningful.*Variables such as distance, height, weight, and time use the ratio scale.*This scale must contain a zero value that indicates that nothing exists for the variable at the zero point.
Term
 Qualitative data
Definition
 are labels or names used to identify an attribute of each element.
Term
 Quantitative data
Definition
 indicate either how many or how much.
Term
 Cross-sectional data
Definition
 are collected at the same or approximately the same point in time.
Term
 Time series data
Definition
 are collected over equally-distanced periods of time.
Term
 Population
Definition
 is the entire data set. A complete collection of data points on the variable under study. May or may not be finite.
Term
 Sample
Definition
 is a subset of population data, drawn according to a given sampling scheme, e.g., simple random sampling.
Term
 Time Constraint
Definition
 Often we have limited time to conduct the study and provide a timely conclusion.
Term
 Budget Constraint
Definition
 Often there is a limited amount of funds available to conduct the study which may not be sufficient to collect all the data and analyze them.
Term
 Data Availability
Definition
 A population may be infinite. Alternatively, it may be impossible to collect all of the data.
Term
 Destruction/Consumption of Units
Definition
 Sometimes data collection involves destruction or consumption of units.
Term
 Population Parameter
Definition
 is a single-valued, numerical measure that describes certain characteristic of data.
Term
 Sample Statistic
Definition
 is an estimator of a population parameter.
Term
 Descriptive statistics
Definition
 are the tabular, graphical, and numerical methods used to summarize data, so that we can describe the data.
Term
 Inferential Statistics
Definition
 Methods that help draw conclusions about population data based on analysis of sample data.
Term
 Statistical Inference
Definition
 is the process of using data obtained from a small group of elements (the sample) to make estimates and test hypotheses about the characteristics of a larger group of elements (the population).
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