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Bus302 > Stats Concepts > Flashcards

Stats Concepts Flashcards

1
Q

Calculate the population mean

A

The symbol is mu. The sum of x divided by the population size.

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2
Q

What is the sample mean?

A

It is known as x-bar. The sum of x divided by the sample size.

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3
Q

What is the Median?

A

It is the middle value.

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4
Q

What is the mode?

A

It is the most frequent value.

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5
Q

How do you know if the sample/population will be a bell-shaped curve or a normal distribution?

A

When Mean = Median = Mode

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6
Q

When is the distribution positively skewed to the right?

A

when Mode Mean

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7
Q

When is the distribution negatively skewed to the left?

A

When Mean

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8
Q

What is the Range?

A

It is the Max value - Min value

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9
Q

What is the Standard Deviation?

A

It is the square root of variance.

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10
Q

What is the Empirical Rule?

A

It applies to bell-shaped curves.

68% of data is within 1 SD of the mean
95% of data is within 2 SD of the mean
99.7% of data is within 3 SD of the mean

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11
Q

What is the equation of Standard Deviation?

A

s = sum of the quantity of ](x - x-bar)^2 / n-1]

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12
Q

What is a Line Chart?

A

It is a representation of a trend over time.

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13
Q

What is a Scatter Diagram?

A

It displays the relationship between two variables.

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14
Q

What is a Bar Chart?

A

It shows the frequency for each category.

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15
Q

What is a Histogram?

A

It shows the frequency of each class of measured data

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16
Q

Explain a Box Plot.

A

It graphically displays based on quartiles, which divides data into 4 parts.

17
Q

What is a One-Tailed Test?

A

It is a test when the alternate hypotheses states a direction.

Ex: The mean yearly salaries earned by full-time employees is more than $45,000

H alternative: mu>$45,000
H null: mu

18
Q

What is a Two-Tailed Test?

A

It is a test when no direction is specified in the alternate hypothesis.

Ex: The mean amount of time spent for the internet is not equal to 5 hours.

H

Bus302 (4 decks)

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