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Exam 1
Terms
87
Business
Undergraduate 1
02/11/2014

Additional Business Flashcards

 


 

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Term
Descriptive
Definition
Summarizes the values of a data set by using charts and graphs, averages, and tables
Term
Inferential
Definition
Make generalizations based on the descriptive stats of our sample
Term
Population
Definition
Entire group of people or objects to be studied.
Term
Process
Definition
Activities that turn inputs into outcomes
Term
Sample
Definition
Subset of population
Term
Parameter
Definition
VALUE that summarizes a characteristic of a POPULATION
Term
Statistic
Definition
VALUE that summarizes a chacteristic of a SAMPLE
Term
Sampling Error
Definition
Difference between the result of a sample and census
Term
Statistical Inference
Definition
Using sample information to learn about a population
Term
Statistical Variable
Definition
Single Charactersistic of any object or event
Term
Qualitative Data
Definition
Data expressed in words usually
Term
Nominal DAta
Definition
Data units are placed in classes and have no natural ordering
Term
Example of nominal data
Definition
PSU ID, car color
Term
Ordinal Data
Definition
Data units are ranked in some sort of order
Term
Example of Ordinal Data
Definition
Hotel ratings, class standing.
Term
Quantitative data
Definition
Data values are measured by meaningful numbers that tell how much or how many
Term
Interval Scale
Definition
no defined zero value, ratio is not meaningful, Valid Computation: Difference
Term
Example of Interval Scale
Definition
Cloth sizes, temperature
Term
Ratio Scale
Definition
Defined zero value, ratio is meaningful, Vaid computation: difference or average
Term
Example of RAtio scale
Definition
Prices, distances
Term
TRue or False: A desciptive measure of a sample is a parameter
Definition
False: Its a statistic
Term
True or False: We should determine our objective before we start collecting data
Definition
True
Term

True or False:

The numbers on a jersey is qualitative data

Definition
True
Term
Distribution
Definition
The way that observations are spread across a range of values
Term
Frequency Table
Definition
A table that tabulates the number of times a variable occurs
Term
Bar Chart
Definition
A graph of QUALITATIVE DATA. Frequencies on vertical axes, classes on horozontal.
Term
Relative Frquency
Definition
Frequency compared to the total. always a %
Term
Bin
Definition
A frequency table group that covers a particular range of values.
Term
Histogram
Definition
Bar graph of quantitative data in which each bar represents a bin. The height of the bar is proportional to the number of data values in the bin.
Term
Why do we have to define bin categories?
Definition
So we dont hdouble count data
Term

 

A cumulative Relative Frequency always totals too:

Definition
100%
Term
Skewed Left
Definition
Negative, values clustered on right
Term
Skewed Right
Definition
Postitive, values clustered on left
Term

True or false

A data set that is skewed left has most of the data values on the lft with a few trailing off to the right

Definition
False: that would be skewed right
Term
Why is a stem and leaf plot useful?
Definition
Shows distribution of data AND contains all the original data values.
Term
What information can we get from a stem and leaf plot?
Definition
Min value, Max value, Median, Mode
Term
Percentile
Definition
VALUES in a data set that divide the data into 100 equal parts.
Term
Quartiles
Definition
Located at the 25th, 50th, and 75th percentiles
Term
Interquartile Range
Definition
DIFFERENCE between first and third quartiles (central 50% of data)
Term
Boxplot
Definition
A pictorial display that indicates the range, median, and interquartile range
Term

True or False: 

The first quartile of a disribution can never be less than zero

Definition
False: a value can be negative
Term
True or False: A boxplot is a good way to show the mean of a data set
Definition
False: Doesnt directly show the mean
Term

True or False:

A stem and leaf plot cannot be constructed from a boxplot, but a boxplot can be constructed from a stem and leaf plot

Definition
True: Stem and leaf has data values
Term
Mean
Definition
Sum of all numerical observations/ total number of observations
Term
Median
Definition

Middle value in an ordered array of numbers

(50th Percentile)

Term
Absolute Measure
Definition
Has Data Units
Term
Relative Measure
Definition
Has No Units (Independent of data)
Term
Advantages of Arithmetic Mean
Definition
Easy to understand, easy to compute, uses all data values
Term
Disadvantages of Arithmetic
Definition
Affected by Outliers, Cant compute it for open-ended frequency distributions
Term
True or False: The median and mode are not affected by outliers
Definition
TRue: only mean
Term
True or False: Every data set has a mode
Definition
False
Term
Uniform
Definition
Each of the values are occuring at the same times
Term
Measures of variability
Definition

Mean absolute deviation

Standard Deviation

Variance

Coeffiecient of variation

Term
How to find variance
Definition

FInd Mean

Subtract each value from mean

Square those numbers

Then add them together and divide by number of of values

 

For a sample: subtract number of values by 1

Term
How to find Standard deviation
Definition
Square root of variance
Term
Finding Mean absolute deviation
Definition

Find Mean

Subtract each value by mean

Take absolute value of answers and add together

Divide by number of values

Term
Which measures of variation measure distance from mean?
Definition
MAD and variance
Term
True or false: Median is a measure of variablity of a data set
Definition
False
Term
Range is sensitive to all data values TRue or False
Definition
False, only to the highest and lowest values
Term
True or False: If we want the average of all the deviations from the mean of a data set, we can simply divide by n
Definition
False, we would get 0
Term
Standard Deviation measures varitaion
Definition
Fluctuation, Riskiness, Reliability, Volatility, measurement Error, Sampling Error
Term
True or False: A standard deviation can sometimes be larger in numerical value than a variance
Definition
True
Term
Coefficent of Variation
Definition
standard deviation/ mean of distribution times 100
Term
Empiracal Rule
Definition

68% of the data values lie within one standard deviation of the mean

95% of the data values lie within 2 standard deviations of the mean

99.7% of the data values lie within 3 standard deviations of the mean 

 

Term
Standard Score
Definition
Student Score- Mean score/ Standard Deviation
Term
Probability
Definition
Goes from general to the specific
Term
Inference
Definition
Goes from the specific to the general
Term
Random Experiment
Definition
process of obtaining info from data collected from a study that has unpredictable outcomes
Term
Simple Events
Definition
the most basic possible outcomes of an experiment that cannot be broken down an further
Term
sample space
Definition
collection of all possible simple events
Term
event
Definition
subset of sample space
Term
Mutually Exclusive  Events
Definition
Both events cannot occur at the same time
Term
Complementary Events
Definition
A 2nd event made up of all simple events not in that first event. These 2 events make up entire sample space
Term
THe items in a sample space must be...
Definition
Exhaustive
Term
Theoritcal Approach
Definition
# of possible ways of obtaining and event/ # of replications
Term
Relative Frequency
Definition

most common approach

# of times event occurs/ # of replications

Term
Subjective Judgement
Definition

- conditions cannot be replicated

- Probability represents an individuals judgement

Term
True or False: When a probabilty is desrcibed in terms of the proportion of times that an event can be theoretically expected to occur, it is an example of relative frequency.
Definition

FALSE

 

Term

True or False:

When one throws a die 1000 times and determines that the probability of obtaining a six on a die is 1/6 that person has used the theoretical approach to probability 

Definition
False
Term
Discrete Probability Distribution
Definition
Consists of whole numbers or values that have distance between them and are countable
Term
COntinuos Probability Distribution
Definition
Theoretically an infinite number of outcomes within a range
Term
Requirements for a discrete
Definition

The probability of each event must range from 0-1

The sum of probabilities must equal 1

Term

True or False: 

Distribution of peoples heights is an example of a discrete probability distribution

Definition
False
Term

True or False:

The sum of the probabilities in a discrete probability distribution could total 1.2

Definition
False: has to equal 1
Term
Requirements for random variables:
Definition

Numerical Values

Probabilities associated with those values dont need to be equal

Term
Expected Value
Definition
Mean of X
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