LESSON 4.1 Statistics and Data Management Basic Concepts Flashcards
(32 cards)
What is the definition of Statistics?
Statistics is the study of the collection, organization, analysis, interpretation, and presentation of data.
What are the two main branches of Statistics?
Descriptive Statistics and Inferential Statistics.
What does Descriptive Statistics deal with?
The description and summarization of data, including techniques for collection, presentation, organization, and analysis.
What does Inferential Statistics deal with?
Drawing conclusions from data, generalizing from samples to populations, performing estimations, hypothesis tests, determining relationships among variables, and making predictions.
What is the purpose of condensation in Statistics?
To reduce or summarize a large amount of data into a few observations for better understanding.
What role does comparison play in Statistics?
It helps compare data collected from different sources using tools like grand totals, measures of central tendency, measures of dispersion, graphs, and diagrams.
What is forecasting in Statistics?
Predicting or estimating future outcomes based on past data.
What statistical tools are used for forecasting?
Time series analysis and regression analysis.
What is the goal of estimation in Statistics?
To draw inferences about a population from the analysis of a sample.
What is a statistical hypothesis?
A statement about a probability distribution that characterizes a population based on sample data.
What are some examples of hypothesis testing in Statistics?
Testing if grades improved due to motivation or if a new teaching method is effective for a specific topic.
What is the role of classification and tabulation in Statistics?
To organize data for easier comparison and analysis.
What are some key features used to describe a data distribution?
Measures of central tendency, measures of dispersion, and visual data presentations like graphs and charts.
What is the importance of statistical tools in hypothesis testing?
They help validate statements about populations based on sample observations.
Why is Statistics considered a distinct mathematical science?
Because of its empirical roots and application-focused approach.
How does Statistics contribute to decision-making?
By facilitating wise decision-making in the face of uncertainty through data collection, presentation, and analysis.
What are some functions of Statistics in business?
Production forecasting, sales prediction, and profit estimation.
What are the procedures involved in collecting data?
Survey design, sampling, observation, and experimentation.
What are the four methods of data measurement?
Nominal, ordinal, interval, and ratio.
What are some ways to present data?
Tables, graphs, charts, and diagrams.
What is the role of statistics in industries?
To maintain quality levels using tools like control charts and inspection plans, which often involve sampling.
Why is statistics important in commerce?
It helps estimate demand and manage stock levels to avoid understocking or overstocking.
How does statistics contribute to economics?
By measuring numerical changes in complex groups and aiding in economic theory and practice.
What is the use of statistics in education?
For research, policy formulation, and planning new courses or evaluating facilities.
