Chapter 2 Flashcards
The facts and figures collected, analyzed, and summarized for presentation and interpretation is known as
Data
A characteristic or a quantity of interest that can take on different values is known as
Variable
A set of values corresponding to a set of variables is known as
Observation
The difference in a variable measured over observations is known as
Variation
A quantity whose values are not
known with certainty is known as
Random variable/uncertain variable
What are the 7 types of data?
Population
Sample
Random Sampling
Quantitative Data
Categorical Data
Cross-sectional data
Time series data
What type of data is described as all elements of interest
Population
What type of data is described as a subset of the population
Sample
A sampling method to gather a
representative sample of the population data is known as
Random Sampling
What type of data is known as data on which numeric and
arithmetic operations, such as addition, subtraction,
multiplication, and division, can be performed
Quantitative Data
What type of data is known as Data on which arithmetic operations cannot be performed
Categorical Data
What type of data is known as data collected from several
entities at the same, or approximately the same, point
in time.
Cross-sectional data
What type of data is known as data collected over several time periods
-Graphs help analysts understand what happened in
the past, identify trends over time, and project
future levels for the time series.
Time Series Data
What kind of study requires a variable of interest to first be identified.
* Then one or more other variables are identified and
controlled or manipulated so that data can be obtained about how they influence the variable of interest
Experimental Study
What kind of study makes no attempt to control the variables of interest.
* A survey is perhaps the most common type of this study.
Nonexperimental Study
What are two examples of modifying data in excel?
Sorting and filtering data
Conditional Formatting Data
Step by step on how to sort data
To sort the automobiles by February 2018 sales:
* Step 1: Select cells A1:F21.
* Step 2: Click the Data tab in the Ribbon.
* Step 3: Click Sort in the Sort & Filter group.
* Step 4: Select the check box for My data has headers.
* Step 5: In the first Sort by dropdown menu, select Sales
(February 2018).
* Step 6: In the Order dropdown menu, select Largest to
Smallest.
* Step 7: Click OK
Step by step on how to filter data
Sorting and Filtering Data in Excel (cont.):
* Using Excel’s Filter function to see the sales of models made
by Nissan:
* Step 1: Select cells A1:F21.
* Step 2: Click the Data tab in the Ribbon.
* Step 3: Click Filter in the Sort & Filter group.
* Step 4: Click on the Filter Arrow in column B, next to
Manufacturer.
* Step 5: If all choices are checked, you can easily deselect all choices by unchecking (Select All). Then select only the
check box for Nissan.
* Step 6. Click OK
Step by step of how to use the conditional formatting of data
Makes it easy to identify data that satisfy certain conditions in a data set.
* To identify the automobile models in Table 2.2 for which sales had decreased from February 2018 to February 2019:
* Step 1: Starting with the original data shown in Figure 2.3, select
cells F1:F21.
* Step 2: Click on the Home tab in the Ribbon.
* Step 3: Click Conditional Formatting in the Styles group.
* Step 4: Select Highlight Cells Rules, and click Less Than… from the
dropdown menu.
* Step 5: Enter 0% in the Format cells that are LESS THAN: box.
* Step 6: Click OK
What are 5 ways to create distributions from data?
- Frequency Distributions for Categorical Data
- Relative Frequency and Percent Frequency
Distributions - Frequency Distributions for Quantitative Data
- Histograms
- Cumulative Distributions
A summary of data that shows the number (frequency) of observations in each of several nonoverlapping classes.
* Typically referred to as bins, when dealing with distributions
This is known as?
Frequency distriubtion
A tabular summary of data showing the relative frequency for each bin is known as
Relative frequency distribution
What distribution data summarizes the percent frequency of the
data for each bin.
Percent Frequency distribution
What are the 2 approaches to get a Frequency Distribution in Excel
1) Frequency Array Function for Quantitative Data
2) Histogram tool in Data analysis (preferrred)
Step by step how to use frequency array function for quantitative data
Step 1 : Select the cells where you want the frequencies displayed.
Step 2 : Type the following formula (DO NOT HIT ENTER):
=FREQUENCY( data range : upper limit range )
Step 3 : Press CTRL+SHIFT+ENTER and the array formula will be entered in each cell you selected in step 1
Lack of symmetry is known as
Skewness
T/F- Skewness is an important characteristic of the shape of a
distribution
True
What type of distribution data set provides information about the shape of a distribution
Histogram
What are the 3 measures of location
Mean
Median
Mode
What are the 5 measures of variability
Range
Interquartile Range
Variance
Standard Deviation
Coefficient of variation
A measure of variability that utilizes all the data
Variance
The square root of the variance is known as
Standard deviation
What is a descriptive statistic that indicates how large the standard deviation is relative to the mean.
* Expressed as a percentage.
Coefficient of Variation
What are the 6 analyzing distributions examples
Percentiles
Quartiles
Z-scores
Empirical Rule
Identifying Outliers
Box Plots
The value of a variable at which a specified (approximate)
percentage of observations are below that value is known as
Percentile
When the data is divided into four equal parts:
* Each part contains approximately 25% of the observations.
* Division points are referred to as quartiles
This is known as
Quartiles
The difference between the third and first quartiles is often referred to as
Interquartile range
What do you click to use absolute reference
F4
Excel function for mean
=average(range)
Excel function for median
=median(range)
