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Public accounting firms use statistical sampling procedures when conducting audits for their clients. 


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Financial advisors use a variety of statistical information, including priceearnings ratios and dividend yields, to guide their investment recommendations. 


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Electronic pointofsale scanners at retail checkout counters are being used to collect data for a variety of marketing research applications. 


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A variety of statistical quality control charts are used to monitor the output of a production process. 


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Economists use statistical information in making forecasts about the future of the economy or some aspect of it. 


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the facts and figures that are collected, summarized, analyzed, and interpreted. 


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The data collected in a particular study are referred to as 


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The ________ are the entities on which data are collected 


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is a characteristic of interest for the elements. 


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The set of measurements collected for a particular element is called an __________. 


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Total number of data values in a data set 

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is the number of elements multiplied by the number of variables. 


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Scales of Measurement include: 

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*Nominal *Ordinal *Interval *Ratio 


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the amount of information contained in the data. 


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the data summarization and statistical analyses that are most appropriate. 


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*Date are LABELS or NAMES used to identify and attribute of the element. *A nonnumeric label or a numeric code may be used. 


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*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. 


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*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. 


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*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. 


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are labels or names used to identify an attribute of each element. 


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indicate either how many or how much. 


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


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are collected over equallydistanced periods of time. 


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is the entire data set. A complete collection of data points on the variable under study. May or may not be finite. 


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is a subset of population data, drawn according to a given sampling scheme, e.g., simple random sampling. 


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Often we have limited time to conduct the study and provide a timely conclusion. 


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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. 


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A population may be infinite. Alternatively, it may be impossible to collect all of the data. 


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Destruction/Consumption of Units 

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Sometimes data collection involves destruction or consumption of units. 


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is a singlevalued, numerical measure that describes certain characteristic of data. 


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is an estimator of a population parameter. 


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are the tabular, graphical, and numerical methods used to summarize data, so that we can describe the data. 


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Methods that help draw conclusions about population data based on analysis of sample data. 


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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). 

