Statistics For Business Chapter One

Question 1

What is a mode?

Answer 1

A number repeated the most times in a set of values

Question 2

What is a mean?

Answer 2

The average number of a set of values

Question 3

What is a median?

Answer 3

The middle number in a set of values arranged from smallest to largest

Question 4

What is inferential statistics?

Answer 4

Making predictions about larger populations by investigating samples

Question 5

What is descriptive statistics?

Answer 5

Proven outcomes based on population/sample

Question 6

What is the purpose of descriptive statistics

Answer 6

Describing population characteristics

Question 7

What is the purpose of inferential statistics?

Answer 7

Making decisions about large populations

Question 8

What is a population?

Answer 8

All items of interest to a researcher

Question 9

What is “N”?

Answer 9

Population

Question 10

What is an experimental unit?

Answer 10

Object upon we collect data

Question 11

What is a variable?

Answer 11

Characteristic of an individual

Question 12

What is a sample?

Answer 12

Subset of units of a population

Question 13

What is a sample statistic?

Answer 13

A subset of the population we are interested in studying

Question 14

What is an inference of interest?

Answer 14

Prediction/Conclusion we make about a population based on a data from a sample

Question 15

What is a confidence level?

Answer 15

How frequently that an estimating procedure will be correct

Question 16

What is a significance level?

Answer 16

How frequently that a conclusion will be wrong in the long-run

Question 17

What is a parameter?

Answer 17

Descriptive measure of a population