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USD Year 1 Semester 1 > Business Statistics Exam 1 Terms > Flashcards

Business Statistics Exam 1 Terms Flashcards

1
Q

The art and science of collecting, analyzing, presenting, and interpreting data.

A

Statistics

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2
Q

The scientific process of transforming data into insight for making better decisions.

A

Analytics

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3
Q

A set of data that cannot be managed, processed, or analyzed with commonly available software in a reasonable amount of time.

A

Big Data

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4
Q

The process of using procedures from statistics and computer science to extract useful information from extremely large databases.

A

Data Mining

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5
Q

The entities on which data are collected.

A

Elements

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6
Q

A characteristic of interest for the elements.

A

Variable

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7
Q

The set of measurements obtained for a particular element.

A

Observation

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8
Q

Labels or names used to identify an attribute of each element.

A

Categorical Data

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9
Q

Numeric values that indicate how much or how many of something.

A

Quantitative Data

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10
Q

The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element.

A

Nominal Scale

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11
Q

The scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank of the data is meaningful.

A

Ordinal Scale

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12
Q

The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure.

A

Interval Scale

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13
Q

The scale of measurement for a variable if the data demonstrate all the properties of interval data and the ratio of two values is meaningful.

A

Ratio Scale

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14
Q

The set of all elements of interest in a particular study.

A

Population

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15
Q

A subset of the population.

A

Sample

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16
Q

A survey to collect data on the entire population.

A

Census

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17
Q

A survey to collect data on a sample.

A

Sample Survey

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18
Q

The set of analytical techniques that describe what has happened in the past.

A

Descriptive Analytics

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19
Q

The set of analytical techniques that use models constructed from past data to predict the future or assess the impact of one variable on another.

A

Predictive Analytics

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20
Q

The set of analytical techniques that yield a best course of action.

A

Prescriptive Analytics

21
Q

Tabular, graphical, and numerical summaries of data.

A

Descriptive Statistics

22
Q

The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population.

A

Statistical Inference

23
Q

The facts and figures collected, analyzed, and summarized for presentation and interpretation.

A

Data

24
Q

All the data collected in a particular study.

A

Data Set

25
Q

A variable with categorical data.

A

Categorical Variable

26
Q

A variable with quantitative data.

A

Quantitative Variable

27
Q

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

A

Cross-sectional Data

28
Q

Data collected over several time periods.

A

Time series Data

29
Q

A term used to describe the use of graphical displays to summarize and present information about a data set.

A

Data Visualization

30
Q

A set of visual displays that organizes and presents information that is used to monitor the performance of a company or organization in a manner that is easy to read, understand, and interpret.

A

Data Dashboard

31
Q

A graphical device for depicting categorical data that have been summarized in a frequency, relative frequency, or percent frequency distribution.

A

Bar Chart

32
Q

A tabular summary of data showing the number (frequency) of observations in each of several nonoverlapping categories or classes.

A

Frequency Distribution

33
Q

A tabular summary of data showing the fraction or proportion of observations in each of several nonoverlapping categories or classes.

A

Relative Frequency Distribution

34
Q

A tabular summary of quantitative data showing the number of data values that are less than or equal to the upper class limit of each class.

A

Cumulative Frequency Distribution

35
Q

A tabular summary of quantitative data showing the fraction or proportion of data values that are less than or equal to the upper class limit of each class.

A

Cumulative Relative Frequency Distribution

36
Q

A tabular summary of data showing the percentage of observations in each of several nonoverlapping classes.

A

Percent Frequency Distribution

37
Q

A tabular summary of quantitative data showing the percentage of data values that are less than or equal to the upper class limit of each class.

A

Cumulative Percent Frequency Distribution

38
Q

A graphical device for presenting data summaries based on subdivision of a circle into sectors that correspond to the relative frequency for each class.

A

Pie Chart

39
Q

A graphical display of a frequency distribution, relative frequency distribution, or percent frequency distribution of quantitative data constructed by placing the class intervals on the horizontal axis and the frequencies, relative frequencies, or percent frequencies on the vertical axis.

A

Histogram

40
Q

A graphical device that summarizes data by the number of dots above each data value on the horizontal axis.

A

Dot Plot

41
Q

A graphical display of the relationship between two quantitative variables. One variable is shown on the horizontal axis and the other variable is shown on the vertical axis.

A

Scatter Diagram

42
Q

A graphical display used to show simultaneously the rank order and shape of a distribution of data.

A

Stem-and-Leaf Display

43
Q

A bar chart in which each bar is broken into rectangular segments of a different color showing the relative frequency of each class in a manner similar to a pie chart.

A

Stacked Bar Chart

44
Q

A graphical display for depicting multiple bar charts on the same display.

A

Side-by-Side Bar Chart

45
Q

A line that provides an approximation of the relationship between two variables.

A

Trendline

46
Q

A tabular summary of data for two variables. The classes for one variable are represented by the rows; the classes for the other variable are represented by the columns.

A

Crosstabulation

47
Q

The value halfway between the lower and upper class limits.

A

Class Midpoint

48
Q

Conclusions drawn from two or more separate crosstabulations that can be reversed when the data are aggregated into a single crosstabulation.

A

Simpson’s Paradox

USD Year 1 Semester 1 (6 decks)

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