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LBOLYTIC > Statistics introduction > Flashcards

Statistics introduction Flashcards

1
Q

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.

A

statistics

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2
Q

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.

A

Analytics

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3
Q

Scientific process of transforming data into insight for making better
decisions.

A

Analytics

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4
Q

Analytical techniques that describe what happened
in the past.

A

Descriptive analysis

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5
Q

Analytical techniques that use models constructed from past data to
predict future.

A

Predictive analysis

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6
Q

Analytical techniques that yield a best course of
action to take.

A

Prescriptive analysis

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7
Q

Public accounting firms use statistical sampling procedures when
conducting audits for their clients.

A

Accounting

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8
Q

Economists use statistical information in making forecasts about the
future of the economy or some aspect of it.

A

Economics

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9
Q

Financial advisors use price-earnings ratios and dividend yields to
guide their investment advice.

A

Finance

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10
Q

Electronic point-of-sale scanners at retail checkout counters are
used to collect data for a variety of marketing research
applications.

A

Marketing

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11
Q

A variety of statistical quality control charts are used to monitor
the output of a production process.

A

Production

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12
Q

A variety of statistical information helps administrators assess
the performance of computer networks.

A

Information Systems

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13
Q

are the facts and figures collected, analyzed, and summarized for
presentation and interpretation.

A

Data

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14
Q

All the data collected in a particular study are referred to as the ____ for the study

A

Data set

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15
Q

are the entities on which data are collected.

A

Elements

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16
Q

is a characteristic of interest for the elements

A

Variable

17
Q

The set of measurements obtained for a particular element is
called an

A

observation

18
Q

Nominal
* Ordinal
* Interval
* Ratio

A

Scales of measurement include

19
Q

The ____ determines the amount of information contained in
the data.

A

scale

20
Q

Data are labels or names used to identify an attribute of the
element

A

Nominal

21
Q

The data have the properties of nominal data and the order or
rank of the data is meaningful

A

ordinal

22
Q

The data have the properties of ordinal data, and the interval
between observations is expressed in terms of a fixed unit of
measure.

A

Interval

23
Q

The data have all the properties of interval data and the ratio of
two values is meaningful

A

Ratio

24
Q

Data can be further classified as being

A

categorical or quantitative

25
Q

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

A

Categorical Data

26
Q

ndicate how many or how much:
* discrete, if measuring how many
* continuous, if measuring how much

A

Quantitative Data

27
Q

are collected at the same or approximately the
same point in time.

A

Cross-Sectional Data

28
Q

are collected over several time periods.

A

Times series Data

29
Q

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.

A

Data Acquisition Considerations

30
Q

Searching for information can be time consuming.
* Information may no longer be useful by the time it is available

A

Time requirement

31
Q

Organizations often charge for information even when it is not their primary
business activity.

A

Cost of Acquisition

32
Q

Using any data that happen to be available or were acquired with little care
can lead to misleading information.

A

Data Errors

33
Q

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

A

Descriptive Statistics

34
Q

The set of all elements of interest in a particular study

A

Population

35
Q

A subset of the population

A

Sample

36
Q

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

A

Statistical inference

37
Q

Collecting data for the entire population.

A

Census

38
Q

Collecting data for a sample.

A

Sample survey

LBOLYTIC (9 decks)

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