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Business 212: Business Statistics > Introduction to Business Statistics > Flashcards

Introduction to Business Statistics Flashcards

1
Q

Business statistics

A

specialty area of statistics which are applied in the business setting

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2
Q

Descriptive statistics

A

used to describe the total group of numbers

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3
Q

Inferential statistics

A

infers relationships from the population of numbers

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4
Q

mode

A

most frequent number

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5
Q

median

A

middle number

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6
Q

ratios

A

number representing relationships

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7
Q

mean

A

average number

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8
Q

sample size

A

the number of people to ask

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9
Q

statistical model

A

representation of what will probably happen

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10
Q

probability

A

the likelihood of something happening

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11
Q

just-in-time

A

reduces waste by organizing goods delivered as needed

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12
Q

Six Sigma

A

a term used in business to describe a process that results in no more that 3.4 defects out of a million

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13
Q

control chart

A

a statistical graph that shows process changes over time

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14
Q

Qualitative variables

A

categories that result in descriptive values or labels

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15
Q

Nominal variables

A

qualitative variables that only refer to information by name and does not have to be listed in any order

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16
Q

ordinal variables

A

results that are listed in a certain order or follow some type or ranking system

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17
Q

Binary variables

A

categories that will only result in one of two options

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18
Q

Quantitative variables

A

categories that result in numerical values or real numbers

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19
Q

continuous variable

A

a measurement that can assume an endless number of values

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20
Q

discrete variable

A

A measurement that has a limited number of possible values

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21
Q

Population

A

indicates a group that has been designated for gathering data from

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22
Q

Data

A

information collected from the population

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23
Q

Descriptive statistics

A

give information that describes the data in some manner

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24
Q

Inferential statistics

A

makes inferences about populations using data drawn from the population

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25
Q

sample

A

a set of data taken from the population to represent the population

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26
Q

Statistical model

A

a combination of inferences based on collected data and population understanding used to predict information in an idealized form

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27
Q

correlation

A

the relationship between two variables or sets of data. A correlation test is one type of statistical model

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28
Q

response variable

A

the observed variable, or variable in question

29
Q

dependent variable

A

a condition or piece of data in an experiment that is controlled or influenced by an outside factor, most often the independent variable

30
Q

explanatory variable

A

a condition or piece of data in an experiment that can be controlled or changed

31
Q

Nominal data

A

categorical data that assigns numerical values as an attribute to an object, animal, person, or any other non-number

32
Q

Ordinal data

A

data that can be ordered and ranked but not measured, such as levels of achievement, prizes, rankings, and placements.

33
Q

Discrete data

A

data that cannot be divided. It is distinct and can only occur in certain values

34
Q

Continuous data

A

data that can be divided infinitely; it does not have any value distinction such as time, height, and weight.

35
Q

Bivariate data

A

deals with two variables that can change and are compared to find relationships

36
Q

independent variable

A

a condition or piece of data in an experiment that can be controlled or changed

37
Q

dependent variable

A

a condition or piece of data in an experiment that is controlled or influenced by an outside factor, most often the independent variable.

38
Q

univariate data

A

one variable in a data set that is analyzed to describe a scenario or experiment

39
Q

positive correlation

A

where the dependent variables and independent variables in a data set increase or decrease together.

40
Q

negative correlation

A

where the dependent variables and independent variables in a data set either increase or decrease opposite from one another

41
Q

Variable

A

an alphabetical character that represents an unknown number.

42
Q

random variable

A

a variable that is subject to randomness, which means it can take on different values.

43
Q

discrete random variable

A

a variable that represents numbers found by counting

44
Q

probability distribution

A

has all the possible values of the random variable and the associated probabilities.

45
Q

continuous random variables

A

random variables that are found from measuring

46
Q

bias

A

the intentional or unintentional favoring of one group or outcome over other potential groups or outcomes in the population.

47
Q

non-representative sample

A

refers to when the method with which a sample is selected specifically excludes certain groups from the research, whether intentionally or unintentionally

48
Q

nonresponse bias

A

describes the members of a sample that do not choose to respond or participate in the research and the characteristics of those members

49
Q

voluntary bias

A

describes the members of a sample that choose to respond or participate in the research, whether intentionally or unintentionally

50
Q

leading questions

A

questions that encourage the answer expected from the researcher

51
Q

social desirability

A

he tendency of participants to answer inaccurately, based on the way they feel they should answer rather than the truth

52
Q

non-representative sample

A

a sample selected by a method that specifically excludes certain groups from the research, whether intentionally or unintentionally

53
Q

Leading questions

A

questions that encourage the answers desired by the researcher

54
Q

social desirability

A

refers to the tendency of participants to answer inaccurately, based on the way they feel they should answer, rather than provide a truthful response

55
Q

raw data

A

processing and analyzing all the data collected from sources

56
Q

quantitative research

A

software is designed for questionnaire-based research

57
Q

qualitative research

A

research, such as interviews and focus groups

58
Q

Open source

A

software is available with a license

59
Q

econometrics

A

the analysis of specific economic data using statistical methods.

60
Q

Freeware

A

an option when you want to get hold of some software for analyzing data.

61
Q

Proprietary

A

software involves the software publisher, developer or another person keeping the individual property rights to the computer software

62
Q

visual analytics

A

involves data mining, geometric structures and trees or graphs.

63
Q

sample size

A

a minimum or maximum number of people needed for analysis

64
Q

cross tabulation analysis

A

involves looking for relationships between groups which might not be apparent from looking at the raw data

65
Q

add-on

A

a software extension

66
Q

formula

A

a set of instructions you write that tells Excel what and how to calculate numerical data

67
Q

function

A

the part of the formula that tells Excel how to perform the calculation

68
Q

syntax

A

the language or rules of how the formula is structured

Business 212: Business Statistics (9 decks)

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