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Business Stats > Chapter 1 Terms > Flashcards

Chapter 1 Terms Flashcards

1
Q

A way of reasoning with tools, methods and mathematics to help understand data sets

A

Statistics

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2
Q

Facts in numeric(ordinal), nominal, ration, or interval format used to quantify or describe subjects

A

Data

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3
Q

The people or things about which we are interested in understanding

A

Subjects

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4
Q

Inanimate objects or laboratory animals used as subjects of research

A

Experimental units

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5
Q

A structured set of questions used to gather data from subjects

A

Survey

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6
Q

A measurable characteristic about subjects used to quantify or describe subjects

A

Variable

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7
Q

A subject who responds to questions from a survey

A

Respondent

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8
Q

A person who participates as a subject in research, often referred to as a subject

A

Participant

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9
Q

The nominally defined subjects for which variables are measured and compared

A

Elements

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10
Q

Facts comparing one thing to other similar things in a category or class

A

Cross-sectional data

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11
Q

Facts gathered over time for the purpose of observing trends

A

Time series Data

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12
Q

A computer program for storing, sorting, and manipulating data

A

Spreadsheet or worksheet

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13
Q

Columns and rows of data

A

Data table

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14
Q

Set of data describing a particular subject, element, or experimental unit

A

Record

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15
Q

Set of elements drawn from a population of similar elements

A

Sample

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16
Q

A sample composed of randomly identified subjects used to minimize survey bias

A

Random Sample

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17
Q

A computer program used to randomize data sets to selecting a random sample

A

Randomizing Program

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18
Q

Preconceived ideas or beliefs of researchers that can influence surveys and research conclusions

A

Bias

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19
Q

The variability occurring among multiple samples taken from the same population

A

Sampling Error

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20
Q

A sample of an entire population

A

Census

21
Q

Random sample used to estimate characteristics of a specific population

A

Simple Random Sample

22
Q

The value of some characteristic of population estimated by using sample statistics

A

Parameter

23
Q

Number of times a variable occurs, measured for specific elements and displayed on a table

A

Frequency

24
Q

The decimal value each class of the variable represents of the total frequency

A

Relative Frequency

25
Q

Percent each class of the variable represents of the total frequency

A

Relative Percent Frequency

26
Q

Accumulated decimal value of a hierarchal display of relative frequencies

A

Cumulative Frequency

27
Q

Accumulated percentage of relative percent frequencies

A

Cumulative Percent Frequency

28
Q

Display showing relative values of variables for specific subjects

A

Bar chart

29
Q

Display showing relative values of variables totaling 100%

A

Pie Chart

30
Q

The location on a worksheet identified by the column and row in which the data appears

A

Data cell

31
Q

An unpredictable outcome of some event

A

Random Phenomenon

32
Q

An experiment designed to produce a measurable outcome

A

Trial

33
Q

The value of some variable measured for a trial

A

Outcome

34
Q

The collection of possible outcomes of trials form performing a series of trails

A

Event

35
Q

Relative likelihood of some outcome, given data from a series of trials

A

Probability

36
Q

The credibility of forecasts increases with more observations in a data set

A

Law of Large Numbers

37
Q

Collection of all possible outcomes for a set of trials

A

Sample Space

38
Q

Rectangle containing circles illustrating relative probabilities and total probability of 1.0

A

Venn Diagram

39
Q

If only two outcomes are possible, one is known as A, the other A ^ c

A

Complement Rules

40
Q

Manually constructed histogram to approxiamte central tendencies of data sets

A

Stem and leaf Displays

41
Q

Values describing the characteristics of a large percentage of subjects in a data set

A

Central Tendencies

42
Q

The average value for a data set

A

Mean

43
Q

The middle value in a hierarchical list of values in a data set

A

median

44
Q

The most commonly observed values in a data set

A

Mode

45
Q

All outcomes of a data set having equal probability

A

Uniform Probability Distribution

46
Q

Values of outcomes are concentrated above or below the mean

A

Skewed Distribution

47
Q

Value that is radically different from the central tendencies of the distribution

A

Outlier

48
Q

The values of the highest and lowest observations in a data set or within a class of observations

A

Range

49
Q

The range of values between the 25th percentile and the 75th percentile

A

Interquartile Range

Business Stats (6 decks)

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