Chapter 1: Intro to Business Statistics and Analytics Flashcards
facts and figures from which conclusions can be drawn; an elementary description of things, events, activities and transactions that are recorded, classified, and stored but are not organized to convey any specific meaning
data
T or F: data is organized to convey a specific meaning
False; is not organized to convey any specific meaning
Data can be:
a. numbers
b. characters (a,b,c/ A,B,C)
c. words (name, address, text)
d. all of the above
d. all of the above (data can be ANYTHING)
the data that is collected for a particular study
data set (elements: may be people, objects, events, or other entries)
any characteristic of an element; describes data
variable (ex: model design, lot type, list price, selling price)
refers to the data that have been organized, so that we can derive meaningful and valuable info.
information
T or F: x and y are variables.
True
a way to assign a value of a variable to the element; something we can measure and assign value
measurement (ex: bill paid, profit loss)
the possible measurements of the values of a variable are numbers that represent quantities
quantitative
Quantitative or qualitative data:
numbers and can apply mathematical functions (add, subtract, etc.)
Quantitative
(Quantitative/qualitative) data must have UNITS; used when we can measure something (ex: height, weight)
Quantitative
the possible measurements fall into several categories; can be in words or numbers
Qualitative
T or F: for qualitative data, you can’t apply mathematical functions, only thing we can do is COUNT.
True
Is zip code, phone numbers, and social security numbers quantitative or qualitative data?
Qualitative (ex: can count the amount of people with ____ zip code, but you don’t add these numbers together)
What are 2 graphs you can make for qualitative data?
Bar graph and pie chart
What are 4 graphs you can make with quantitative data?
- Histogram
- Line graphs
- Stem and leaf plot
- Scatter plot
T or F: Dot plots are very easy to read and sometimes very easy to compare.
True
A bar graph (does/does not) have spaces between bars.
does
data collected at the same or approximately the same point in time
cross-sectional data (ex: when we select data from one month or one year; examples: GDP data for 2021, gross income for 2024, balance sheet for 2023)
data collected over different time periods
time series data (ex: we collect data from 2000-2024)
What is the first thing you should do we data?
Figure out if it is quantitative or qualitative.
Car type, car color, and sales month is an example of:
a. quantitative data
b. qualitative data
qualitative data
Car cost, sale price, and profit is an example of:
a. quantitative data
b. qualitative data
quantitative data
data already gathered by public or private sources (such as the internet, library, US government, or data collection agency)
existing sources
(is SECONDARY data; ex: unemployment rate)