Shared Flashcard Set

Details

Introduction to Statistics
n/a
59
Economics
Undergraduate 2
09/24/2012

Additional Economics Flashcards

 


 

Cards

Term
Statistics
Definition
Art and science of collecting, analyzing, presenting, and interpreting data
Term
Data
Definition
Facts and figures collected, analyzed, summarized for interpretation and presentation
Term
Elements
Definition
Entities on which data are collected
Term
Variable
Definition
Characteristic of interest for the elements
Term
Nominal Scale
Definition
When the data for a variable consists of labels or names used to identify an attribute of the element
Term
Ordinal Scale
Definition

Scale of measurement for a variable

Example: excellent, poor, good on a survey

Term
Interval Scale
Definition

Scale of measurement used if the data have all the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Always numeric.

Example: College Admission SAT scores

Term
Ratio Scale
Definition

Scale used if the data have all the properties of interval data and the ratio of two values is meaningful

Example: distance, height, time

Term
Categorical Data
Definition
Data grouped into specific catergories
Term
Quantitative Data
Definition
Data that uses numeric values
Term
Categorical Variable
Definition
Variable that uses categorical data
Term
Quantitative Variable
Definition
Variable that uses quantitative data
Term
Cross-sectional data
Definition
Data collected at the same or approximately the same point in time
Term
Time Series Data
Definition
Data collected over several time periods
Term
Descriptive Statistics
Definition
Summaries of data, which may be tabular, graphical, or numerical
Term
Population
Definition
The larger group of elements in a particular study
Term
Sample
Definition
Smaller group of the population; selected randomly
Term
Census
Definition
Process of conducting a survey to collect data for the entire population
Term
Statistical Inference
Definition
Statistical process that uses data from a sample to make estimates and test hypotheses about the characteristics of a population
Term
Data mining
Definition
Deals with methods for developing useful decision-making information from large data bases
Term
Frequency Distribution
Definition
A tabular summary of data showing the number (frequency) of items in each of several nonoverlapping classes
Term
Relative Frequency Distribution
Definition

Tabular summary showing relative frequency

Relative Frequency=F/n

Term
Percent Frequency Distribution
Definition

Summarizes the percent frequency of the data for each class.

Relative Frequency times 100=Percent frequency

Term
Bar Chart
Definition
Graphical device depicting categorical (qualitative) data
Term
Pie Chart
Definition
Another graphical device presenting relative frequency and percent frequency for categorical data
Term
Class midpoint
Definition
Value halfway between the lower and upper class limits
Term
Dot plot
Definition
One of the simplest graphical summaries. Horizontal axis shows range for data. Each value is represented by dot above.
Term

Histogram

 

Definition
Similar to a Bar chart but represents quantitative data rather than qualitative
Term
Cumulative Frequency Distribution
Definition
Shows the number of data items with values less than or equal to the upper class limit of each class
Term
Cumulative Relative Frequency Distribution
Definition
Shows the proportion of data items
Term
Cumulative Percent Frequency Distribution
Definition
Shows the percentage of data items with values less than or equal to the upper limit of each class
Term
Ogive
Definition
A graph of cumulative distribution. Data values on horizontal axis. Frequencies of frequency percentages on vertical axis.
Term
Explanatory Data Analysis
Definition
Consists of simple arithmetic and easy-to-draw graphs that can be used to summarize data quickly
Term
Stem and Leaf display
Definition
Can be used to show both the rank order and shape of a data set simultaneously
Term
Cross tabulation
Definition
Tabular summary of data for two variables
Term
Simpson's Paradox
Definition
The reversal of conclusions bases on aggregate and unaggregated data
Term
Scatter Diagram
Definition
 Graphical presentation of the relationship between two quantitative variables
Term
Trendline
Definition
Line that provides approximation of the relationship between quatitative variables
Term
Sample Statistics
Definition
Measures that are computed for data from a sample
Term
Population Parameters
Definition
Measures are computed for data from a population
Term
Point Estimator
Definition
A sample statistic is referred to as the point estimator of the corresponding population parameter
Term
Median
Definition
Measure of central location. Value in the middle
Term
Percentile
Definition
Provides info about how the data are spread over the interval from the smallest to largest value
Term
Quartiles
Definition
Division points after dividing data distribution into four parts
Term
Range
Definition
Largest value minus smallest value
Term
Interquartile range (IQR)
Definition
Difference between the third quartile (Q3) and the first quartile (Q1)
Term
Variance
Definition
Measure of variability that utilizes all the data. Based on the difference between the value of each observation and the mean
Term
Standard Deviation
Definition
The positive square root of the variance
Term
Coefficient of Variation
Definition
Standard deviation divided by the mean multiplied by 100.
Term
Skewness
Definition
Term
Skewness
Definition
Important numerical measure of the shape of a distribution
Term
Chebyshev's Theorem
Definition
At least (1-1/z^2) of the data values must be within z standard deviations of the mean, where z is any value greater than 1
Term
Empirical Rule
Definition

For data having a bell-shaped distribution:

-Approx. 68% of values will be within one standard deviation of the mean

-Approx. 95% will be within two standard deviations

-Almost all values will be within three standard deviations of the mean

Term
Outliers
Definition
Extreme values
Term
Five-number summary
Definition

Following five numbers are uesd to summarize the data:

1. Smallest value

2. First Quartile (Q1)

3. Median (Q2)

4. Third quartile (Q3)

5. Largest value

 

Term
Box plot
Definition
Graphical summary of data that is based on five-number summary
Term
Covariance
Definition
Descriptive measure of the linear association between two variables
Term
Correlation Coefficient
Definition
Measure of the relationship between two variables that is not affected by the units of measurement for x and y
Term
Weighted Mean
Definition

xi=value of observation

wi=weight of observation

 

x=(wi)(xi)/wi

Supporting users have an ad free experience!