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Week 1 Final Slides
Week 1 Slides
24
Business
Undergraduate 3
10/24/2011

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Term
WHAT ARE STATISTICS?
Definition
A set of tools and techniques that is used for describing, organizing, and interpreting information or data.
Term
WHAT ARE
DESCRIPTIVE STATISTICS?
Definition
USED TO ORGANIZE AND DESCRIBE THE CHARACTERISTICS OF THE COLLECTION OF DATA.
THE COLLECTION IS SOMETIMES CALLED A DATA SET OR JUST DATA
Term
What are
INFERENTIAL STATISTICS?
Definition
OFTEN (BUT NOT ALWAYS) THE NEXT STEP AFTER DAT IS COLLECTED AND SUMMARIZED.

IT IS USED TO MAKE AN INFERENCE FROM A SMALLER GROUP OF DATA.
Term
Sample
Definition
A SMALLER GROUP OF DATA THAT IS OFTEN A PORTION OR
SUBSET OF A POPULATION
Term
All freshmen at King College represent a
Definition
population
Term
All freshman living in Virginia represent a
Definition
sample
Term
parameter
Definition
a numerical summary of a population
Term
what is formula
Definition
A SET OF MATHEMATICAL OPERATIONS THAT PERFORMS A PARTICULAR MATHEMATICAL TASK
Term
advanced formula
Definition
USED TO PREDICT THE VALUE OF Y FROM OUR KNOWLEDGE OF THE VALUES OF b, X, and a
Term
function
Definition
A PREDEFINED FORMULA
Example:
There are groups of mathematical, data-base, and logical functions.
Term
range
Definition
A COLLECTION OF CELLS

THE RANGE IS THE SIMPLEST MEASUREMENT OF DISPERSION
Term
CALCULATION OF RANGE
Definition
SIMPLY TAKING THE DIFFERENCE BETWEEN THE MINIMUM AND MAXIMUM VALUES IN THE DATA SET
Term
Measures of Central Tendency
Definition
mean, median, mode
Term
averages
Definition
MEAN-THE MOST COMMON AVERAGE
IMPORTANT—
THE MEAN IS THE MEASURE OF CENTRAL TENDENCY THAT MOST ACTURATELY REFLECTS THE POPULATION MEAN
BEWARE OF EXTREMES
Term
True or false,
Mean is very sensitive to extremes
Definition
True
Term
WEIGHTED MEAN
Definition
USE WHEN THERE IS AN OCCURANCE OF MORE THAN ONE VALUE
Term
Median
Definition
MIDPOINT IN A SET
If both the mean and median are “measures of central tendency” or averages,
Term
Why would you use median instead of mean
Definition
THE MEDIAN IS INSENSTIVE TO EXTREME SCORES WHERE THE MEAN IS NOT
Term
STANDARD DEVIATION (SD) ---THE AVERAGE AMOUNT OF VARIABILITY
Definition
is a widely used measure of variability or diversity used in statistics . It shows how much variation there is from the average (mean, or expected value). A low standard deviation indicates that the data points tend to be very close to the mean, whereas high standard deviation indicates that the data points are spread out over a large range of values.
Term
Frequency Distribution
Definition
In statistics a frequency distribution is an arrangement of the values that one or more variables take in a sample. Each entry in the table contains the frequency or count of the occurrences of values within a particular group or interval, and in this way, the table summarizes the distribution of values in the sample.
Term
CLASS INTERVALS
Definition
How the scores are grouped
Term
CLASS FREQUENCY IS
Definition
THE NUMBER OF TIMES THE NUMBER OF OBSERVATIONS APPEAR IN EACH CLASS
Term
HISTOGRAM—
Definition
A GRAPH WHICH SHOWS THE FREQUENCY DISTRIBUTION FOR QUANITATIVE DATA
Term
WHERE WE USE SD
Definition
In addition to expressing the variability of a population, standard deviation is commonly used to measure confidence in statistical conclusions. For example, the margin of error in polling data is determined by calculating the expected standard deviation in the results if the same poll were to be conducted multiple times.
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