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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
sample
a set of data taken from the population to represent the population
26
Statistical model
a combination of inferences based on collected data and population understanding used to predict information in an idealized form
27
correlation
the relationship between two variables or sets of data. A correlation test is one type of statistical model
28
response variable
the observed variable, or variable in question
29
dependent variable
a condition or piece of data in an experiment that is controlled or influenced by an outside factor, most often the independent variable
30
explanatory variable
a condition or piece of data in an experiment that can be controlled or changed
31
Nominal data
categorical data that assigns numerical values as an attribute to an object, animal, person, or any other non-number
32
Ordinal data
data that can be ordered and ranked but not measured, such as levels of achievement, prizes, rankings, and placements.
33
Discrete data
data that cannot be divided. It is distinct and can only occur in certain values
34
Continuous data
data that can be divided infinitely; it does not have any value distinction such as time, height, and weight.
35
Bivariate data
deals with two variables that can change and are compared to find relationships
36
independent variable
a condition or piece of data in an experiment that can be controlled or changed
37
dependent variable
a condition or piece of data in an experiment that is controlled or influenced by an outside factor, most often the independent variable.
38
univariate data
one variable in a data set that is analyzed to describe a scenario or experiment
39
positive correlation
where the dependent variables and independent variables in a data set increase or decrease together.
40
negative correlation
where the dependent variables and independent variables in a data set either increase or decrease opposite from one another
41
Variable
an alphabetical character that represents an unknown number.
42
random variable
a variable that is subject to randomness, which means it can take on different values.
43
discrete random variable
a variable that represents numbers found by counting
44
probability distribution
has all the possible values of the random variable and the associated probabilities.
45
continuous random variables
random variables that are found from measuring
46
bias
the intentional or unintentional favoring of one group or outcome over other potential groups or outcomes in the population.
47
non-representative sample
refers to when the method with which a sample is selected specifically excludes certain groups from the research, whether intentionally or unintentionally
48
nonresponse bias
describes the members of a sample that do not choose to respond or participate in the research and the characteristics of those members
49
voluntary bias
describes the members of a sample that choose to respond or participate in the research, whether intentionally or unintentionally
50
leading questions
questions that encourage the answer expected from the researcher
51
social desirability
he tendency of participants to answer inaccurately, based on the way they feel they should answer rather than the truth
52
non-representative sample
a sample selected by a method that specifically excludes certain groups from the research, whether intentionally or unintentionally
53
Leading questions
questions that encourage the answers desired by the researcher
54
social desirability
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
raw data
processing and analyzing all the data collected from sources
56
quantitative research
software is designed for questionnaire-based research
57
qualitative research
research, such as interviews and focus groups
58
Open source
software is available with a license
59
econometrics
the analysis of specific economic data using statistical methods.
60
Freeware
an option when you want to get hold of some software for analyzing data.
61
Proprietary
software involves the software publisher, developer or another person keeping the individual property rights to the computer software
62
visual analytics
involves data mining, geometric structures and trees or graphs.
63
sample size
a minimum or maximum number of people needed for analysis
64
cross tabulation analysis
involves looking for relationships between groups which might not be apparent from looking at the raw data
65
add-on
a software extension
66
formula
a set of instructions you write that tells Excel what and how to calculate numerical data
67
function
the part of the formula that tells Excel how to perform the calculation
68
syntax
the language or rules of how the formula is structured

Business 212: Business Statistics (9 decks)

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