Flashcards in Data Analyais Deck (16):
What is the definition of a statistic?
A statistic is a collection, summarisation, analysis, and reporting of numerical findings.
What are two approaches to business statistics?
Descriptive statistics and Inferential statistics.
What is descriptive statistics?
Descriptive statistics is simply describing the characteristics of a set of data.
What is inferential statistics?
Knowing the statistics characteristic and making generalisations, estimations, forecasts or other judgements based on data.
Explain an application of descriptive statistics?
Looking at your class and finding that 26% of your class wear leather jackets. The figure (26%) is a descriptive statistic. You are not saying that 26% of the whole school wear leather jackets, you're just describing the data recorded.
What is an application of inferential statistics?
A fruit transportation business is Finding that a town is buying less and less bananas each year decides to cut the transportation of bananas too all towns. This is making the assumption that this is the case in all towns.
What are some key terms for inferential statistics?
What is population refer to in statistics?
Referred to as the universe. This is the entire set of people or objects of interest. Can be total bananas sold in a year or every adult over 50 with a scar on their chin.
What is a sample refer to in statistics?
A sample (or subset) is a smaller number of people/objects that exist within a larger population.
How does population and sample intersect?
A producer of bananas may decide to define 'healthy banana' as any banana being distributed between 8:00 and 16:00. The sample could be every 5th truck leaving.
When is a sample known as a complete census?
A sample is a complete census when when it is so large as to include all members of the population.
What is a descriptive measure of the population?
Parameter and is usually represented by Greek letters.
What is a descriptive measure of a sample?
Statistic and is represented by Roman letters.
Give examples of variables that are qualitative in nature.
Male or female
Consuming beer or not
Your hair is either brown, black, red, blonde or gray
How many categories does a qualitative variable have?
Can be two, three or more