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MGMT 301
Probability and Statistics 1
12
Business
Undergraduate 3
05/19/2009

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Cards

Term
statistics
Definition
the study of how to COLLECT, ORGANIZE, SUMMARIZE, ANALYZE and DRAW CONCLUSIONS FROM data.
Term
Purpose of Statistics
Definition
pull meaning from data
Term
Population
Definition
entire collection of what is to be studied. ex PEOPLE, GPA, MOST POPULAR CAR COLOR
Term
Process
Definition
A set of conditions which come together to transform inputs into outputs (NOT TANGIBLE)
ex. TIME DRIVE TO CLASS, HOW LONG IT TAKES TO CHECK OUT OF UKROPS, SHOOTING PERCENTAGE
Term
Sample
Definition
is a subset of a population or process

ex. Based on the decision to know all GPA's in the class.
- A sample would be the woman in the classrooms GPA
Term
Sampling Unit
Definition
One member of the sample
Term
Sampled Population or Process
Definition
The members of the population/process available to be sampled
Term
Parameter
Definition
A characteristic of a population or process

ex. (mean, standard deviation, range, max, min)
Term
Statistic
Definition
A characteristic of a sample

ex. (mean, standard deviation, range, max, min)
Term
Statistical Variable
Definition
What is to be measured or counted
Term
Sampling Error
Definition
Difference between a parameter and a statistic

ex. 3.07-2.93 = .14(the sampling error)
Term
Operational Definition
Definition
A precise description of how to do the measuring/counting.

ex. for counting the amount of time it takes to get to school.
-The (OD) would be whether you start your clock when you get out of the door, start the car, open your car?
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