CHAPTER 1 Flashcards
auditing and cost estimation (Accountants use statisticsto forecast consumption, earnings, cash flow, and book value. Considered accounting for the future, forecasting involves an amount of guesswork about the future — and when people guess, they frequently make errors)
Accounting
regional, national, and international economic performance
(Statistics plays a major role in economics. Statisticshelps in the study of market structure and understand the different economic problems. After a better understanding of the economic problems, statistics also help in solving those issues by formulating appropriate economic policies)
Economics
investments and portfolio management (Actuarial science deals with probabilities and future events with the help of statistical methods. Statistics help define, analyse and solve financial scenarios or risks that firms and companies need to manage or avoid. For example, with the help of statistics, insurance companies are capable of forecasting the probabilities of an event or anomaly occurring, thus being able to prepare the funds for paying claims.
Finance
human resources, compensation, and quality management (Knowledge of statistics helps a manager to describe the problem, identify and evaluate alternative courses of action, estimate error, monitor processes and take appropriate corrective actions to achieve optimum results.
Management
market and demographic analysis (Statistical research in businessenables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand
International Business
performance of systems which
gather, summarize, and disseminate information to various managerial levels (This is important for the management team to decide whether they have to make changes to the existing strategies or offerings. Statistical analysis can also be used to evaluate the performance of employees and provide training for them to improve the performance of the team.
Management Information Systems
market analysis and consumer research (statistics are usedto identify market trends, measure and evaluate marketing programs, and assess their effectiveness. In order to be successful in a campaign, it’s important to identify the target market accurately as well as use effective marketing communication channels.
Marketing
A branch of Mathematics that examines and
investigates ways to process and analyze
the data gathered.
It provides procedure in data collection,
organization, presentation, analysis and
interpretation to have meaningful idea that
is useful to decision-makers.
Statistics
“to reduce large masses of data to some meaningful values”
Task of Statistics
“to tell something about a particular group of observation”
Descriptive Statistics
“there is an intent of predicting what the large population is like out of the sample size“
Inferential Statistics
The totality of methods and treatments employed in the collection, description, and analysis of numerical data.
To tell something about a particular group of observation.
Usually represented by Greek letters
Descriptive
The logical process from sample analysis to a generalization of conclusion.
Also Statistical Inference or Inductive Statistics
Usually represented by Roman letters
Inferential
Consist of all the members of the group about which to draw conclusion.
Population
Portion or part, of the population of interest selected for analysis.
Sample
Numerical index describing a characteristic of a population.
Parameter
Numerical index describing a characteristic of a sample.
Statistic
Data that come from original source.
Examples:
Interview
Survey
Mail-in questionnaire
Experimentation
Primary Data
Data that are taken from previously recorded data.
Examples:
Information in research
Financial statements
Business periodicals
Government reports
Secondary Data
Characteristics of objects, people, or events that does not vary.
Example:
Boiling temperature in °C
Constant
Characteristics of objects, people, or events that can take of different values.
Example:
Weight
Variable
Types of Variables
Qualitative and Quantitative
Classification of Variables
Experimental Classification
and Mathematical Classification
Experimental Classification
Independent Variables
Dependent Variables
Controlled by experimenter/ researcher, and expected to have
Independent Variables
Some measures of behavior of subjects and expected to be influenced by the independent variable
Dependent Variables
It can assume any of an infinite number of values and can be associated with points on a continuous line interval.
Example:
Height, weight, volume
Continuous Variables
Some measures of behavior of subjects and expected to be influenced by the independent variable
Example:
Gender, courses, Olympic games
Discrete Variables
Levels of Measurement
Nominal
Ordinal
Interval
Ratio
Numbers are used to classify or categorize
Nominal Level Data
Nominal
Numbers are used to indicate rank or order
-Relative magnitude of numbers is meaningful
-Differences between numbers are not comparable
Ordinal Level Data
Ordinal
Distances between consecutive integers are equal
Interval Level Data
Interval
Highest level of measurement
Ratio Level Data
Ratio
Property of a set of categories such that an individual or object is included in only one category.
Mutually Exclusive
Property of a set of categories such that each individual or object must appear in only one category.
Exhaustive
is the process of selecting n sample size in the population via random numbers or through lottery
Simple Random Sampling/Lottery
Is a process of selecting a kth element in the population until the desired number of subjects or respondents is attained.
Systematic Sampling
Is a process of subdividing the population into subgroups or strata and drawing members at random from each subgroup or stratum.
Stratified Sampling
Is a process of selecting clusters from a population which is very large or widely spread out over a wide geographical area
Cluster Sampling
Process of drawing a sample from a population using smaller and smaller groups (units) at each stage. It’s often used to collect data from a large, geographically spread group of people in national surveys.
Multi-Stage Sampling
Is process of selecting based from judgement to select a sample which the researcher believed.
Purposive Sampling
is a process of selecting a group of individuals who (conveniently) are available for study.
Convenience Sampling
Is applied when an investigator survey collects information from an assigned number, or quota of individuals from one several sample units fulfilling certain prescribed criteria or belonging to one stratum.
Quota Sampling
Is technique in which one or more members of a population are located and used to lead the researchers to other members of the population.
Snowball Sampling
Methods in Collecting Data
Direct or Interview Method
Indirect or Questionnaire Method
Registration Method
Observation Method
Experiment Method
Methods in Presenting Data
Textual Method
Tabular Method
Graphical Method
data is presented in paragraph form.
Textual Method
data is presented in rows and columns.
Tabular Method
data is presented in visual form.
Graphical Method
means a text which is expressed in alphabetical or other intelligible characters by means of any support which permits reading, recording of the information contained in the text and its reproduction in tangible form.
Textual Form
a systematic arrangement of rows and columns.
Tabular Form
the use of charts and graphs to visually display, analyze, clarify, and interpret numerical data, functions, and other qualitative structures.
Graphical Form
