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BUS 322 > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Data

A

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

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2
Q

Variable

A

A characteristic or quantity of interest that can take on different values.

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3
Q

Observation

A

Set of values corresponding to a set of variables.

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4
Q

Variation

A

The difference in a variable measured over observations.

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5
Q

Random variable/uncertain variable

A

A quantity whose values are not known with certainty.

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6
Q

Population

A

All elements of interest

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7
Q

Sample

A

Subset of population

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8
Q

Random sampling

A

A sampling method to gather a representative sample of the population data.

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9
Q

Quantitative data

A

Data on which numeric and arithmetic operations such as addition subtraction multiplication and division can be performed.

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10
Q

Categorical data

A

Data on which arithmetic operations cannot be performed.

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11
Q

Cross sectional data

A

Data collected from several entities at the same or approximately the same point in time.

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12
Q

Time series data

A

Data collected over several time periods.

Ex) sale reports

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13
Q

Graphs of time series data are frequently found where?

A

In business and economic publications

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14
Q

Time series data help analysts understand what?

A

What happened in the past, identify trends over time and project future levels for the time series.

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15
Q

Experimental study

A

A variable of interest is first 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.

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16
Q

Non experimental study or observational study

A

Make no attempt to control the variables of interest.

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17
Q

What is the most common type of observational study?

A

A survey

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18
Q

Frequency distribution

A

A summary for data that shows the number (frequency) of observations in each of several non overlapping classes, typically referred to as bins, when dealing with distributions.

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19
Q

Relative frequency distribution

A

It’s a tabular summary of data showing the relative frequency of the data for each bin

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20
Q

Percent frequency distribution

A

Summarizes the percent frequency of the data for each bin.

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21
Q

Three steps necessary to define the classes for a frequency distribution with quantitative data:

A
  1. Determine the number of non overlapping bins
  2. Determine the width of each bin.
    - look at the range
  3. Determine the bin limits
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22
Q

Histogram

A

A common graphical presentation of quantitative data.

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23
Q

How is the histogram constructed?

A

By placing the variable of interest on the horizontal axis and the selected frequency measure (absolute, relative, percent frequency) on the vertical axis.

24
Q

How is the frequency measure of each class shown in histogram?

A

By drawing a rectangle whose base is determined by class limits on the horizontal axis and whose height is the corresponding frequency measure.

25
Q

What does histogram provide information on?

A

Shape, or form of a distribution .

26
Q

Skewness

A

Lack of symmetry .

27
Q

What is an important characteristic of the shape of the distribution?

A

Skewness

28
Q

Cumulative frequency distribution

A

A variation of the frequency distribution that provides another tabular summary of quantitative data.

29
Q

Mean

A

Is the average.

30
Q

Median

A

Value in the middle when the data are arranged in ascending order.

31
Q

Mode

A

Value that occurs most frequently in the data set.

32
Q

Geometric mean

A

Nth root of the product of n values.

33
Q

Range

A

Minimum - maximum

34
Q

Variance

A

Measure of variability that utilizes all data.

35
Q

Variance is based on?

A

The deviation about the mean, which is the difference between the values of each observation and the mean.

36
Q

The deviations about the mean are squared while computing what?

A

Variance

37
Q

Standard deviation

A

Positive square root of the variance

38
Q

Coefficient of variation

A

Measures the standard deviation relative to the mean.

39
Q

Coefficient of variation is expressed as what ?

A

Percentage

40
Q

Percentile

A

Value of a variable at which a specified (approximate) percentage of observations are below that value.

41
Q

The pth percentile tells us the point in the data where:

A
  • approximately p percent of the observations have the values less than the pth percentile.
  • approximately (100 - p) percent of the observations have values greater than pth percentile.
42
Q

Quartiles

A

When the data is divided into four equal parts:

  • each part contains approximately 25% of the observations
  • division points are referred to as quartiles.
43
Q

Q1 is?

A

25th percentile

44
Q

Q2 ?

A

50th percentile

45
Q

Q3

A

75 percentile

46
Q

Z score

A

Measures the relative location of a value in the data set.

47
Q

Z score helps determine what?

A

How far a particular value is from the mean relative to the data sets standard deviation.

48
Q

Empirical rule

For data having a bell shaped distribution

A
  • within 1 std dev. - approximately 68% of data values.
  • within 2 std. Dev. - approximately 95% of the data values.
  • within 3 std dev. - almost all the data values.
49
Q

Outliers

A

Extreme values in a data set.

50
Q

Outliers can be identified using

A

Standardized values (z scores)

51
Q

Any data value with a z score less than _____ or greater than ____ is an outlier.

A

-3 or +3

52
Q

Box plot

A

Graphical summary of the distribution of data.

53
Q

How are box plots developed?

A

From the quartiles for a data set.

54
Q

Scatter charts

A

Useful graph for analyzing the relationship between two variables.

55
Q

Covariance

A

Descriptive measure of the linear association between 2 variables.

56
Q

Correlation coefficient

A

Measures the relationship between two variables

BUS 322 (1 decks)

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