Intro Flashcards
(21 cards)
Scientific approach to managerial decision making
QA
What is the QA Approach?
- Define the problem
- Develop a Model
- Acquire input data
- Develop solutions
- test the solutions
- Analyze the results
- Implement the results
Provides the tool through which such data are collected, analyzed, summarized, and presented to facilitate the decision-making process
Business Statistics
a science dealing with the collection, analysis, interpretation, and presentation of numerical data
Statistics
a collection of persons, objects, or items of interest
Population
data from the whole population for a given measurement of interest
Census
a portion of the whole and (desirably) a representation of that whole
Sample
using data gathered on a group to describe or reach conclusions about the same group
Descriptive Statistics
when a researcher gathers data from a sample and uses the statistics generated to reach conclusions about the population from which the sample was taken
Inferential Statistics
facts and figures collected, analyzed, summarized for presentation and interpretation
Data
What are the general types of data? (6)
- Nominal
- Ordinal
- Interval
- Ratio
Categorical
Numerical
It represents characteristics. Numerical but no mathematical meaning.
Categorical
used for labeling variables without any quantitative value
Nominal
Examples of nominal
gender, name, hair color, address
categorical but numbers have mathematical meaning. order is of importance and significance, but the difference is the order is not really known.
Ordinal
with meaning as measurement or count
Numerical
numeric scales which we know the order AND exact difference between the values
Interval
can perform mathematical operations
Ratio
Data containing data type, format, and structure
Structured Data
Textual data files with a discernible pattern that enables parsing
Semi-structured data
Textual data with erratic data formats that can be formatted with effort, tools, and time
Quasi-structured data
