SCM Chapter 1- February 10th Flashcards
Statistics
the mathematical science that deals with the collection, analysis, and presentation of data, which can then be used as a basis for inference and induction.
Data
are the values assigned to observations or measurments and are the building blocks of statistical analysis.
Information
is data that are transformed into useful facts that can be used for a specific purpose, such as decision making.
Primary Data
are data that you have collected for your own use.
Secondary Data
are data collected by someone else that you are “borrowing”
Direct Observation
is a method of gathering data while the subjects of interest are in their natural environment, often unaware they are being watched.
Focus Group
is a direct observational technique whereby individuals are paid to discuss their attitudes toward products or services in a group setting controlled by a moderator.
Experiment
subjects are exposed to certain treatments and the data of interest are recorded.
Survey
involves directly asking people a series of questions and can be administered by e-mail, via the Web, thru snail mail, face to face, or over the phone.
Quantitative Data
use numerical values.
- discrete
- continuous
Qualitative Data
relies on descriptive terms to describe something of interest.
- marital status
- political party
- eye color
Nominal Data
are data that are described as a category or label.
- basic analysis
- categorical codes
Ordinal Data
have all the properties of nominal data, with the added feature that we can rank-order the values from highest to lowest.
- rankings
- mid level analysis
Interval Data
are strictly quantitative, allow us to measure the differences between the categories with actual numbers in a meaningful way.
- constant difference
- ratios not reasonable
Ratio Data
have all the features of interval data, with the added benefit of having a true zero point.
- make sense
- complete analysis
Time Series Data
are values that correspond to specific measurements taken over a range of time periods.
Cross-Sectional Data
are values collected from a number of subjects (firms, individual, states, regions, and so fourth) during a single time period.
The Purpose of a Descriptive Statistic
is to summarize, or display, data so we can quickly get an overview of the information.
Inferential Statistics
allows us to make claims or conclusions about the data based on a sample of them.
A Population
represents all possible subjects of interest.
A Sample
is a subset of a population.
Parameter
is data that describes a characteristic about a population.
Statistics
is data that describes a characteristic about a sample.
Biased Sample
is a sample that does not represent the intended population and that can lead to distorted findings, can occur either intentionally or unintentionally.
Descriptive Statistics
the branch of statistics that focuses on summarizing, or displaying data.
- collect
- present
- characterize
Inferential Statistics
the field of statistics that allows us to make claims or conclusions about a population based on a sample of data from that population.
- estimate
- test claim
- will always have a sample
Quantitative Discrete
counted items
- number of children
- defects per hour
Quantitative Continuous
measured characteristics
- weight
- voltage
- money
