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Business Statistics I > Chapter 3 and Chapter 20 > Flashcards

Chapter 3 and Chapter 20 Flashcards

1
Q

A numerical value used as a summary measure for a population.

A

Population Parameter

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2
Q

A numerical value used as summary measure for a sample.

A

Sample Statistic

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3
Q

A sample statistic used to estimate the corresponding population parameter.

A

Point Estimator

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4
Q

A measure of central location computed by summing the data values and dividing by the number of observations.

A

Mean

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5
Q

A measure of central location provided by the value in the middle when the data are arranged in ascending order.

A

Median

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6
Q

A measure of location defined as the value that occurs at the greatest frequency.

A

Mode

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7
Q

The mean obtained by assigning each observation a weight that reflects its importance.

A

Weighted Mean

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8
Q

A measure of location that is calculated by finding the nth root of the product of n values.

A

Geometric Mean

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9
Q

A measure of location that is calculated by removing a percentage of the smallest and largest values from a data set, then calculating the average of the remaining values.

A

Trimmed Mean

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10
Q

A value such that at least p% of the observations are less than or equal to this value and at least (100 - p)% of the observations are greater than or equal to this value.

A

Percentile

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11
Q

The 25th, 50th, and 75th percentiles which can be used to divide a data set into four parts, with each part containing approximately 25% of the data.

A

Quartiles

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12
Q

A measure of variability defined to be the largest value minus the smallest value.

A

Range

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13
Q

A measure of variability defined to be the difference between the third and first quartiles.

A

Interquartile Range (IQR)

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14
Q

A technique that uses the smallest value, first quartile, median, third quartile, and largest value to summarize the data set.

A

Five-Number Summary

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15
Q

A graphical summary of data based on a five-number summary.

A

Boxplot

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16
Q

A measure of variability based on the squared deviations of the data values about the mean.

A

Variance

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17
Q

A measure of variability computed by taking the positive square root of the variance.

A

Standard Deviation

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18
Q

A measure of relative variability computed by dividing the standard deviation by the mean and multiplying by 100.

A

Coefficient of Variation

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19
Q

Name the descriptive statistic described by the following statement: The sample standard deviation is 18.2% of the value of the sample mean.

A

Coefficient of Variation

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20
Q

Name the descriptive statistic that is useful for comparing the variability of variables that have different standard deviations and different means.

A

Coefficient of Variation

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21
Q

Name the descriptive statistic that 1) finds the distance from the mean for each data value, and then 2) finds the average of those distances.

A

Standard Deviation

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22
Q

A higher coefficient of variation means the data set is more variable / less variable.

A

More Variable

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23
Q

A value computed by dividing the deviation of a data value from the mean by the standard deviation.

A

Z-score

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24
Q

Another name for a standard score.

A

Z-score

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25
Q

An unusually small or unusually large data value.

A

Outlier

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26
Q

A measure of the shape of a data distribution.

A

Skewness

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27
Q

If the data is skewed to the left, the skewness is positive / negative.

A

Negative

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28
Q

If the data is skewed to the right, the skewness is positive / negative.

A

Positive

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29
Q

A symmetric data distribution has a skewness equal to _________ .

A

Zero

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30
Q

A theorem that can be used to make statements about the proportion of data values that must be within a specified number of standard deviations of the mean.

A

Chebyshev’s Theorem

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31
Q

A rule that can be used to compute the percentage of data values that must be within one, two, and three standard deviations of the mean for data that exhibit a bell-shaped distribution.

A

Empirical Rule

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32
Q

A measure of linear association between two variables.

A

Covariance

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33
Q

A positive covariance indicates a positive / negative linear relationship.

A

Positive

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34
Q

A negative covariance indicates a positive / negative linear relationship.

A

Negative

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35
Q

A measure of linear association between two variables that takes on values between -1 and +1.

A

Correlation Coefficient

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36
Q

If a correlation coefficient value is near +1, this indicates a 1) strong / weak 2) positive / negative linear relationship.

A

1) Strong

2) Positive

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37
Q

If a correlation coefficient value is near -1, this indicates a 1) strong / weak 2) positive / negative linear relationship.

A

1) Strong

2) Negative

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38
Q

If a correlation coefficient value is near zero, this indicates…

A

A lack of linear relationship

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39
Q

What are two methods of detecting outliers?

A 
Z-score
Interquartile Range (Fences)
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40
Q

When using z-scores to identify outliers, a data value with a z-score greater than ____ or less than ____ is treated as an outlier.

A

+3

-3

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41
Q

When using the IQR (fences) to identify outliers, a data value is classified as an outlier if it is greater than the ______ ______ or less than the _______ _______ .

A

Upper Limit

Lower Limit

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42
Q

How do you compute the upper limit?

A

Q3 + 1.5 (IQR)

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43
Q

How do you compute the lower limit?

A

Q1 - 1.5 (IQR)

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44
Q

What are three reasons a data set may contain outliers?

A

1) A data value was incorrectly recorded
2) An observation was incorrectly included in the data set
3) A data value is unusual, but it was recorded correctly and should be included in the data set

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45
Q

The ______ _______ states that for data sets with a bell-shaped distribution, almost all the data values will be within ___ standard deviations of the mean.

A

Empirical Rule

3

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46
Q

Of the two methods for detecting outliers, the _______ method cannot be used for data sets that do not have a bell-shaped curve.

A

Z-score

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47
Q

The correlation coefficient indicates the ________ and ________ of a linear relationship.

A

Strength

Direction

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48
Q

The value of a correlation coefficient will always be between ____ and ____ .

A

-1

+1

49
Q

The equations for variance, standard deviation, and covariance for a sample have a denominator of (n-1) because (n-1) provides a(n) ________ ________ for a sample.

A

Unbiased Estimate

50
Q

What are four types of means?

A

Mean
Weighted Mean
Geometric Mean
Trimmed Mean

51
Q

Which mean is used when analyzing rates of change over several successive periods?

A

Geometric Mean

52
Q

Which mean is used when outliers are present?

A

Trimmed Mean

53
Q

Standard deviation is the square root of the ________ .

A

Variance

54
Q

L sub p equals…

A

Location of the pth percentile

55
Q

According to the _________ _________ , ____ % of the data values will be within one standard deviation of the mean for data sets that exhibit a bell-shaped distribution.

A

Empirical Rule

68%

56
Q

According to the _________ _________ , ____ % of the data values will be within two standard deviation of the mean for data sets that exhibit a bell-shaped distribution.

A

Empirical Rule

95%

57
Q

A price index for a given item that is computed by dividing a current unit price by a base-period unit price and multiplying the result by 100.

A

Price Relative

58
Q

A composite price index based on the prices of a group of items.

A

Aggregate Price Index

59
Q

A composite price index in which the prices of the items in the composite are weighted by their relative importance.

A

Weighted Aggregate Price Index

60
Q

A weighted aggregate price index in which the weight for each item is its current-period quantity.

A

Paasche Index

61
Q

A weighted aggregate price index in which the weight for each item is its base-period quantity.

A

Laspeyres Index

62
Q

An index designed to measure changes in quantities over time.

A

Quantity Index

63
Q

A monthly price index that uses the price changes in a market basket of consumer goods and services to measure the changes in consumer prices over time.

A

Consumer Price Index

64
Q

A monthly price index designed to measure changes in prices of goods sold in primary markets (i.e. first purchase of a commodity in non-retail markets).

A

Producer Price Index

65
Q

A quantity index designed to measure changes in the physical volume or production levels of industrial goods over time.

A

Industrial Production Index

66
Q

Aggregate price indexes designed to show price trends and movements associated with common stocks.

A

Dow Jones Averages

67
Q

Name 7 measures of position.

A 
Mean
Median
Mode
Weighted Mean
Geometric Mean
Percentiles
Quartiles
68
Q

Name 5 measures of variation.

A 
Range
Interquartile Range
Variance
Standard Deviation
Coefficient of Variation
69
Q

Name 1 measure of distribution shape.

A

Skewness

70
Q

Name 3 measures of relative location.

A

Z-scores
Chebyshev’s Theorem
Empirical Rule

71
Q

What are the 5 numbers in a five-number summary?

A 
Minimum
Q1
Median (Q2)
Q3
Maximum
72
Q

In a boxplot, the ends of the box represent the ______ and ______ .

A

First Quartile

Third Quartile

73
Q

In a boxplot, the vertical line drawn in the box represents the _______ .

A

Median

74
Q

In a boxplot, the horizontal lines extending from each end of the box are also known as _______ .

A

Whiskers

75
Q

In a boxplot, the horizontal lines extend to the _______ and ________ values inside / outside the limits.

A

Smallest
Largest
Inside

76
Q

In a boxplot, the asterisks represent _______ .

A

Outliers

77
Q

Name 2 measures of association between two variables.

A

Covariance

Correlation Coefficient

78
Q

According to the _________ _________ , ____ % of the data values will be within three standard deviation of the mean for data sets that exhibit a bell-shaped distribution.

A

Empirical Rule

99.7%

79
Q

What is the Excel function for: the minimum value?

A

MIN

80
Q

What is the Excel function for: the maximum value?

A

MAX

81
Q

What is the Excel function for: the mean?

A

AVERAGE

82
Q

What is the Excel function for: addition?

A

SUM

83
Q

What is the Excel function for: multiplication?

A

PRODUCT

84
Q

What is the Excel function for: the median?

A

MEDIAN

85
Q

What is the Excel function for: counting the number of cells that contain numbers?

A

COUNT

86
Q

What is the Excel function for: square root?

A

SQRT

87
Q

What is the Excel function for: finding one mode?

A

MODE.SNGL

88
Q

What is the Excel function for: finding more than one mode?

A

MODE.MULT

89
Q

What is the Excel function for: finding quartiles?

A

QUARTILE.EXC

90
Q

What is the Excel function for: finding percentiles?

A

PERCENTILE.EXC

91
Q

What is the Excel function for: population variance?

A

VAR.P

92
Q

What is the Excel function for: sample variance?

A

VAR.S

93
Q

What is the Excel function for: population standard deviation?

A

STDEV.P

94
Q

What is the Excel function for: sample standard deviation?

A

STDEV.S

95
Q

What is the Excel function for: z-score?

A

STANDARDIZE

96
Q

What is the Excel function for: sample covariance?

A

COVARIANCE.S

97
Q

What is the Excel function for: correlation coefficient?

A

CORREL

98
Q

What is the Excel function for: counting the number of cells that are not blank?

A

COUNTA

99
Q

What will the Excel function OR(A1,B1) return?

A

TRUE if the data set contains either A1 or B1.

FALSE if the data set does not contain A1 or B1.

100
Q

x bar = Σ xi/n

A

Sample Mean

101
Q

μ = Σ xi/N

A

Population Mean

102
Q

x bar = Σwi*xi/Σwi

A

Weighted Mean

103
Q

x bar g = [(x1)(x2)…(xn)]^(1/n)

A

Geometric Mean

104
Q

Q3 - Q1 = ____

A

Interquartile Range

105
Q

σ^2 = Σ (xi-μ)^2/N

A

Population Variance

106
Q

s^2 = Σ (xi-x bar)^2/(n-1)

A

Sample Variance

107
Q

s = sqrt(s^2)

A

Sample Standard Deviation

108
Q

σ = sqrt(σ^2)

A

Population Standard Deviation

109
Q

(Standard Deviation/Mean)(100)%

A

Coefficient of Variation

110
Q

zi = (xi-x bar)/s

A

Z-score for a Sample

111
Q

sxy = Σ (xi-x bar)(yi-y bar)/(n-1)

A

Sample Covariance

112
Q

σxy = Σ (xi-μx)(yi-μy)/N

A

Population Covariance

113
Q

rxy = sxy/(sx)(sy)

A

Sample Correlation Coefficient

114
Q

ρxy = σxy/(σx)(σy)

A

Population Correlation Coefficient

115
Q

(Price in period t)/(Base period price)

A

Price Relative

116
Q

It = Σ Pit/Σ Pi0 (100)

A

Unweighted Aggregate Price Index

117
Q

It = Σ PitQi/Σ Pi0Qi (100)

A

Weighted Aggregate Price Index

118
Q

wi = Pi0*Qi

A

Weighting Factor for Weighted Aggregate Quantity Indexes

119
Q

It = Σ Qitwi/Σ Qi0wi (100)

A

Weighted Aggregate Quantity Index

Business Statistics I (5 decks)

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