Business Statistics Flashcards
Is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research
Business Statistics
A set of numerical data or observations
Statistics
A branch of science which deals with collection, presentation, analysis of data and interpretation of results
Statistics
Four Processes of Statistics
- Collection of Data
- Presentation of Data
- Analysis of Data
- Interpretation of Results
Refers to the different data gathering techniques
Collection of Data
Refers to the process of organizing data
Presentation of Data
Refers to the method of obtaining necessary, relevant and noteworthy information from the given data through statistical tools
Analysis of Data
Refers to the tools of drawing out conclusions, descriptions, inferences or generalizations from the analyzed data
Interpretation of Results
Two divisions of Statistics
- Descriptive Statistics
- Inferential Statistics
Pertains to the statics method without making conclusions, predictions or inferences about a larger set
Descriptive Statistics
Pertains to methods of dealing with making inferences, estimations or predictions about the entire population based in information provided by the sample
Inferential Statistics
A college dean wants to determine the average semestral enrolment in the past 5 years
Descrptive Statistics
A chief nurse wants to predict the number of dengue patients for the next 2 years
Inferential Statistics
Consists of the totality of all the elements or entities from which you want to obtain information
Population
Refers to a portion or a subset of a population
Sample
Characteristic, description, or attribute of persons or objects which assume different values or labels
Variable
Yields categorical responses
Qualitative Variable
Yields Numerical responses
Quantitative Variable
Can assume only a countable number of distinct values. Can only be obtained through counting
Discrete Quantitative Variable
Can assume infinitely many values
Continuous Quantitative Variable
Can assume infinitely many values
Continuous Quantitative Variable
“The PH Stock Exchange composite index list 7.19 points to 2,099.12 after trading between 2,095.30 and 2,108.47”
Textual Presentation
United States……50.7890
Japan………0.4140
United Kingdom….72.547
Tabular Presentation
A set of horizontal bars in a data presentation
Bar Graph (Graphical Presentation)
A set of multiple horizontal graphs in a data presentation
Multiple Bar Graph (Graphical Presentation)
A set of data displayed in a circle
Pie Chart (Graphical Presentation)
Data presented as a series of points connected with a line
Line Chart (Graphical Presentation)
The crudest form of data. This includes any data that is put into groups, in which there is no inherent order (i.e., Last Name, Gender, Civil Status)
Nominal Data
The data are ranked or ordered in a somewhat bottom to top or high to low scheme (i.e., Scale of 1-5, highest to lowest)
Ordinal Data
Numeric scales in which we know not only the order but also the exact differences between the values. (i.e., temperature, IQ Scores)
Interval Data
They tell us about the order, the exact value between units, and they also have an absolute zero. (i.e., Income per Month, Age)
Ratio Data
The data are obtained through observation for a particular time of occurrence or subject
Observation Method
Data are obtained through cause-and-effect studies under controlled conditions
Experimental Method
The data are obtained by asking necessary information in compliance with the policies or laws
Registration Method
through the use of existing studies or published document
Archival Method
the desired information is obtained through asking questions
Survey Method
Two types of Survey Method
- Direct or personal Interview Method
- Indirect or Questionnaire Method
Two classifications of Gathering Data
- Census
- Survey Sampling
It is a method of gathering data from every unit of the population
Census
A method of gathering data from every selected sample of a given population
Survey Sampling
A survey sampling characteristic in which every element in the population has a known non-zero chance of being included in the sample selection
Probability Sampling
A survey sampling characteristic that do not utilize random sampling procedure
Non-probability Sampling
A probability sampling method in which every element in the population has an equal chance of being included in the sample
Simple Random Sampling
A probability sampling method wherein the population is divided into subpopulation called strata, which consists of more or less homogeneous unit.
Stratified Random Sampling
A probability sampling method which selects the sample by taking every kth unit from an ordered population
Systematic Sampling
A probability sampling method in which the strata correspond to clusters. This is useful for bigger areas of conducting surveys
Cluster Sampling
A probability sampling method wherein the population is divided into a sequence of sampling units corresponding to the different sampling stages
Mutli-stage Sampling
Data given as individual data points
Ungrouped Data
Data given in intervals
Grouped Data
Defined as the average value of the data
Mean
This is determined by finding either the middle element in the data or the average of the middle two elements
Median
The value in a series of observations which occur with the greatest frequency
Mode
