Introduction to Business Statistics

zero-order correlation

the pure correlation ignoring control correlation between two variables

statistics

the science of collecting, organizing, presenting, analyzing, and interpreting numerical data

t-rule

t≥ 0.19

data

unorganized/ unprocessed facts

population

a collection of all possible individuals, objects, or measurements of interest

inferential statistics

a decision, estimate, prediction, or generalization about a population based on a sample (ex. x-bar and y-bar)

sample

a portion, or part, of the population of interest

2 types of statistics

descriptive and inferential

descriptive statistics

methods of organizing, summarizing, and presenting data in an informative way (ex. stem-and-leaf plot, pie chart, bar chart, histogram, etc.)

information

organized facts

p-rule

p< 0.05