Statistics introduction Flashcards
The term_ can refer to numerical facts such as averages,
medians, percentages, and maximums that help us understand a
variety of business and economic situations.
statistics
is the use of:
data,
information technology,
statistical analysis,
quantitative methods, and
mathematical or computer-based models
to help managers gain improved insight about their business
operations and make better, fact-based decisions.
Analytics
Scientific process of transforming data into insight for making better
decisions.
Analytics
Analytical techniques that describe what happened
in the past.
Descriptive analysis
Analytical techniques that use models constructed from past data to
predict future.
Predictive analysis
Analytical techniques that yield a best course of
action to take.
Prescriptive analysis
Public accounting firms use statistical sampling procedures when
conducting audits for their clients.
Accounting
Economists use statistical information in making forecasts about the
future of the economy or some aspect of it.
Economics
Financial advisors use price-earnings ratios and dividend yields to
guide their investment advice.
Finance
Electronic point-of-sale scanners at retail checkout counters are
used to collect data for a variety of marketing research
applications.
Marketing
A variety of statistical quality control charts are used to monitor
the output of a production process.
Production
A variety of statistical information helps administrators assess
the performance of computer networks.
Information Systems
are the facts and figures collected, analyzed, and summarized for
presentation and interpretation.
Data
All the data collected in a particular study are referred to as the ____ for the study
Data set
are the entities on which data are collected.
Elements
is a characteristic of interest for the elements
Variable
The set of measurements obtained for a particular element is
called an
observation
Nominal
* Ordinal
* Interval
* Ratio
Scales of measurement include
The ____ determines the amount of information contained in
the data.
scale
Data are labels or names used to identify an attribute of the
element
Nominal
The data have the properties of nominal data and the order or
rank of the data is meaningful
ordinal
The data have the properties of ordinal data, and the interval
between observations is expressed in terms of a fixed unit of
measure.
Interval
The data have all the properties of interval data and the ratio of
two values is meaningful
Ratio
Data can be further classified as being
categorical or quantitative
Labels or names used to identify an attribute of each element
▪ Often referred to as qualitative data
▪ Use either the nominal or ordinal scale of measurement
▪ Can be either numeric or nonnumeric
▪ Appropriate statistical analysis is rather limited
Categorical Data
ndicate how many or how much:
* discrete, if measuring how many
* continuous, if measuring how much
Quantitative Data
are collected at the same or approximately the
same point in time.
Cross-Sectional Data
are collected over several time periods.
Times series Data
Time Requirement
* Searching for information can be time consuming.
* Information may no longer be useful by the time it is available.
➢ Cost of Acquisition
* Organizations often charge for information even when it is not their primary
business activity.
➢ Data Errors
* Using any data that happen to be available or were acquired with little care
can lead to misleading information.
Data Acquisition Considerations
Searching for information can be time consuming.
* Information may no longer be useful by the time it is available
Time requirement
Organizations often charge for information even when it is not their primary
business activity.
Cost of Acquisition
Using any data that happen to be available or were acquired with little care
can lead to misleading information.
Data Errors
Most of the statistical information in newspapers, magazines,
company reports, and other publications consists of data that are
summarized and presented in a form that is easy to understand
Descriptive Statistics
The set of all elements of interest in a particular study
Population
A subset of the population
Sample
The process of using data obtained from
a sample to make estimates and test hypotheses about the
characteristics of a population.A subset of the population
Statistical inference
Collecting data for the entire population.
Census
Collecting data for a sample.
Sample survey
