INTRODUCTION TO APPLIED STATISTICS Flashcards
Concerned with facilitating wise decision-making in the face of uncertainty.
Statistics
Techniques used in Statistics
Collection
Effective presentation
Proper Analysis of Data
Any businessman cannot afford to either by under stocking or having overstock of his goods.
True
Statistics is indispensable in business and commerce.
True
Statistics are the lifeblood of successful commerce.
True
Total collection of all the elements that we are interested in.
Population
Subgroup of the population that will be studied in detail
Sample
All possible choices of members are equally alike or chosen.
Random Sample/Simple Random Sample
The scope and limitation, assumptions, and expected outcomes.
Defining the Problem
Identify a specific problem
Defining the Problem
Incomplete, fabricated, outdated, and inaccurate data are useless.
Collection of Data
Organization of data in text, tables, graphs, and charts, so that logical conclusions can be derived from them.
Summarization and Tabulation of Data
Explore the data to obtain additional insights that could contribute to the study.
Summarization and Tabulation of Data
The process of deriving from the given data relevant information that can be formulated into numerical descriptions.
Analysis of Data
Summarized data must be examined so that insights and meaningful information can be produced to support decision-making or solutions to the question or problem at hand.
Analysis of Data
The process of deriving from the given data relevant information that can be formulated into __________.
Numerical Descriptions
The task of drawing conclusions from the analyzed data.
Interpretation of Data and Results
Answer the research problem and give recommendations.
Interpretation of Data and Results
Present all pertinent results in a clear and concise manner
Presentation of the Result
Use appropriate forms of media to present results.
Presentation of the Result
Steps in Statistical Investigation
- Defining the problem
- Collection of data
- Summarization and Tabulation of data
- Analysis of data
- Interpretation of data and results
- Presentation of the results
