Statistics CHP. 1 Flashcards
Business Statistics
Stats applied to the business world in an effort to improve people’s decision making in fields such as marketing, operations, finance, operations, and human resources, etc.
Data
Values assigned to observations or measurements and are the building blocks of statistical ananlysis
Information
data that are transformed into useful facts that can be used for a specific purpose, such as making a decision.
Secondary Data
No control over how it was collected. Collected by someone else.
Primary Data
data that you have collected for your own use.
Direct observation
Watching subjects without them knowing they are being observed
Focus Group
Direct observational technique whereby individuals are often paid to discuss their attitudes toward products or services in a group setting controlled by a moderator.
Experiment
Subject exposed to certain treatments and the data of internet are recorded. Placebos used in the controlled group.
Survey
directly asking people a series of questions and can be administered by email, via the web, through snail mail, face to face, or over the telephone.
Easily biased with the ways the questions are stated.
Nominal Data
Lowest level of data because statistical techniques used to analyze them are the most restrictive.
Described as a category or a label. Cannot be ranked in an order. Ex. Gender, marital status
Ordinal Data
Properties of nominal data, but also able to be ranked.
Example, 1st, 2nd, 3rd.
Differences between categories are not meaningful and therefore, cannot be measured.
Interval Data
Strictly quantitative data. Differences can be measured in a meaningful way. Does not have a true zero point and you cannot say, for example, say that one number is twice as much as the other in any meaningful way.
Ratio Data
All features of interval data but has a true zero point.
