Business stats Chapter 1
How does statistics help us understand large amounts of numerical information
A good working knowledge of statistics is useful to organize and summarize information.
The primary purpose of stats is to represent numerical data
FALSE
descriptive statistics uses the data to make inferences and predictions about a population based on a sample of data taken from the population in question
FALSE
Are attributes of discrete quantitative variable
It can be used to count items It can assume only certain values within a range There are gaps between the values of this variable
Ordinal level
Someone's ranking of their three favorite foods
Which of the following are reasons to study stats
Stats are used to make personal and professional decisions Stats knowledge is needed to understand the world and be conversant in your career Data is collected everywhere and stats is needed to translate that data into useful info
How has technology increased the need for stats analysis
Vast amounts of data are collected and understanding it requires statistical knowledge
The two categories of statistical study are
descriptive statistics and inferential statistics
What are the 2 types of quantitative variables
discrete and continuous
What is descriptive statistics?
methods of organizing, summarizing, and presenting data in an informative way
Which of the following is a population in the statistical sense
All of the automobiles sold in Canada in 2016
Example that is not part of the science of stats
Choosing data that supports your conclusion
Four levels of measurement possible for data
Ratio level Nominal level Ordinal level Interval level
Which of the following variables is recorded at the interval level of measurement
A man's shoe size.
Quantitative variable
A variable that can be reported numerically
Example of nominal level
Brand of newly purchased TV
What is inferential statistics?
Methods of estimating a property of a population based on a sample.
Nominal level of data describes what type of info
Observations of a quantitative variable where differences between measures are constant
The ages of patients in a local hospital
Ratio
Which level of data gives the most information about the observation
Ratio
Which of the following are examples of how organizations use statistics
Retailers use product purchase data to manage the distribution of products and make marketing and sales decisions Google uses search engine data records to prioritize results for future searches
Example of statistical sense
Six randomly randomly chosen books from the library Ten apples selected from the store bin contain 100 apples Every eighth person on the class roster
example of continuous quantitative variable
The average weight of apples in a box at the market
Which one of the following are properties of ordinal level data
The data can be ranked or counted
definition of statistical population
The entire set of individuals, objects or measurements of interest
The distance between values is a known unit of measure
The measure can be ranked in order
examples of quantitative variables
The miles per gallon for a particular model of car The weight of a Siamese cat
Which of the following examples are stats
The number of home runs in last years champ Yesterdays share price of ggg The median price of a house in AZ
Example of ratio level
The ratio between two measures is meaningful
statistical sample
a portion of a target population selected to represent the population in an unbiased way
