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SEM141 > Business Statisitics > Flashcards

Business Statisitics Flashcards

Understand terms for Business statistics

1
Q

What is Population Data?

A

Is the entire group of data

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2
Q

What is Sample Data?

A

Is a section of the population data used to represent the population.

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3
Q

Explain a Census

A

The collection of data

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4
Q

What are Parameters?

A

Measures used to describe a population

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5
Q

What are Descriptive Statistics?

A

is the conclusion found from a sample data

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6
Q

What is Inference Statistics?

A

using the sample data to infer about the population

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7
Q

Explain Quality control

A

Is an example of how sample data is used to make inferences about the population of a produce census of the entire population.

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8
Q

What are Column & Bar charts?

A
  • Good for comparing data sets
  • Highlights trends
  • Most common type of chart
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9
Q

What is a Scatter Diagram?

A

Good for showing relationships between two related variables

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10
Q

What are Line charts?

A

Useful for time serious data

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11
Q

What are Pie Chart?

A
  • Used for small amounts of data

- To find percentages/ proportions

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12
Q

What are Area Chart?

A
  • Can show time serious data

- As well as representing perfect age/proportions

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13
Q

What is a Segmentation / Frequency table?

A
  • Indicates how ay observations fall in various categories

- Number of categories elected depends greatly on the size of the data set

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14
Q

Explain Range

A

Find the smallest number and subtract from the largest number. The difference between the two numbers is the range. (Consider outliers)

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15
Q

Explain Outliers

A

Single data amounts that should not be grouped with the set as they are too far out of the data set. (the can disrupt the data)

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16
Q

What is a Polygraph?

A

Is a histogram with a line

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17
Q

How should the data in a Symmetric histogram look?

A

mirrored data that has a 0 skew

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18
Q

How should the data in a Positively Skewed histogram look?

A

Data skewed to the right side

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19
Q

How should the data in a Negatively Skewed histogram look?

A

Data Skewed to the left side

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20
Q

Explain Bi Modal Data

A

The data has two modes

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21
Q

Explain Multi Modal data

A

Has more than 2 modes in the data set

22
Q

What is Mean?

A

is the average (sum of vales divided by the group)

X bar

23
Q

Define “n”

A

sample size

24
Q

Define “N”

A

Population size

25
Q

Define “X”

A

total values

26
Q

Define “x bar”

A

is the sample mean

27
Q

Define “Mu”

A

is the population average (Mean)

28
Q

What is Median?

A

Is the middle value once the data has been arranged in ascending or descending order. (Not accepted by outliers)

29
Q

What is Mode?

A

Is the most frequently occurring number

30
Q

Explain the Variance (Distance)

A

how far each number is from the mean. It measures the spread.

31
Q

Explain Standard Deviation

A

Square root of the variance is called the standard deviation.

32
Q

What is the Empirical rule?

A

All values lie within 3 Standard Deviations from the mean. For example 65% will be 1 SD, 95% will be 2 SD and 99.7% will be 3 SD.

33
Q

Define a Coefficient

A

A number or symbol milt plied with a variable or an unknown quantity in an algebraic term. 2 A numerical measure of a physical or chemical property that is constant for a system under specified condition such as the coefficient or friction

34
Q

What is Coefficient Skewness?

A

Absence of symmetry for example
CS 0 = Peaked
CS =0 Prefect

35
Q

Define Correlation

A

Measures the linear relationships between two variables

36
Q

What is Covariance?

A

is a measure of how much two random variables change together. If the greater vales of one variable mainly correspond with the greater values of the other variable, and the same holds for the smaller values. (Reflects the scale of data)

37
Q

What is Continuous data?

A

data makes up the rest of numerical data

38
Q

Explain the function Kurtosis (CK)

A

is looking at the distribution based on height of data for example
If CK 0 = Peaked
If CK =0 = Perfect

39
Q

What is descriptive statistics?

A

Sample data only

40
Q

Explain Regression analysis?

A

is the process of constructing a mathematical model or function that can be used to predict or determine one variable another variable.

41
Q

What is Bivariate Data?

A

(two variables) linear regression – the most elementary regression model

  • Dependent variable (Y)
  • Independent variable (X)
42
Q

What is Linearity

A
  • data are linearly related

- check using scatterplot of data residuals

43
Q

What is slope in terms of linear regression

A

The expected increase or decrease in the dependent variable (Y) as a function of an increase or decrease in the independent variable (X)

44
Q

In hypothesis testing what critical value method do you use when standard deviation is known?

A

use Z dist/ normal dist

45
Q

In hypotesis testing what critical value method do you use when SD is unknown?

A

T.inv.2T

46
Q

When hypothesis testing which end of the distribution does this relate to? (<)

A

the left side of the graph

47
Q

When hypothesis testing which end of the distribution does this relate to? (>)

A

The right side of the graph

48
Q

What is the Empirical Rule?

A

all normally distributed data will lie within 3 standard deviations.
1SD =68%
2SD =95%
3SD =99.7

49
Q

What is the central limit theorem?

A

states the regardless of the shape of individuals values in the population distribution, as long as the sample size is greater or = to 30 the distribution of the mean will be normally distributed.

50
Q

What is leptokurtic distribution?

A

High and thin

51
Q

What is mesokurtic distribution?

A

A normal shape

52
Q

What is platykurtic distribution?

A

flat and spread out

SEM141 (9 decks)

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