Chapter I - Overview of Statistics

MATCH: Inferential Graphing Organizing Estimating Concluding

Estimating Concluding

A graph or table should have: 1.) A title 2.) At least 5 five different colors 3.) A number 4.) A photo

1.) A title 3.) A number

Statistical pitfall: A college degree generally takes four years after HS is completed. therefore, Mary can complete her degree before she turns 22. 1.) Generalization to individuals 2.) conclusion from small samples 3.) Unconscious Bias 4.) Significance versus Importance

1.) Generalization to individuals.

Match the business discipline to the type of data collected: 1.) Identifying Repeat Customers 2.) A sample of errors from invoice statements 3.) Distribution of inventory items in a big box store. 4.) Risk assessment of an investment

1.) Marketing 2.) Auditing 3.) Operations Management 4.) Finance

Statistical analysis is constrained by: 1.) Lack of money to research 2.) lack of software 3.) lack of time to collect data 4.) too much honesty from respondents

1.) lack of money to research and 3.) lack of time to collect data

Which statistical pitfall best matches the following match? Rebecca's dog was bitten by a snake while they were jogging. You should never take your dog jogging because they will be bitten by a snake. 1.) Conclusions from nonrandom samples 2.) Assuming a causal link 3.) Conclusion from rare events

3.) Conclusions from rare events -- many people job with their jogs without getting bitten by a snake. This was an unfortunate event but one that doesn't happen very often.

Statistical pitfall People who belong to health clubs tend to have college degrees therefore exercise increases your IQ Causal Link Unconscious bias Conclusion from small sample Conclusion from rare events

Assuming a causal link -- there are many underlying variables that might explain the relationship between a health club membership and IQ score.

CRM

Consumer Relationship Management

Descriptive Statistics

Descriptive statistics refers to the collection, organization, presentation, and summary of data (either using charts and graphs or using a numerical summary).

T/F Different assumptions will lead you to the same answer so it is not necessary to state your assumptions

False, just state 'em

T/F Busy managers want to see detailed numerical explanation in technical reports

False, they don't want to see this.

MATCH: Descriptive Graphing Organizing Estimating Concluding

Graphing Organizing

Customer Relationship Management

Marketing depts analyzing customer data.

Which of the following are responsibilities of a data analyst? Supporting a popular view referencing sources identifying degrees of uncertainty accurately reporting information

Referencing Sources, Identifying degrees of uncertainty, accurately reporting information

T/F: There are generally accepted statistical methods for dealing with missing and unusual data

T

Empirical data is:

collected through observation and experiment

Inferential Statistics

refers to generalizing from a sample to a population, estimating unknown population parameters, drawing conclusions, and making decisions.

It can be expensive or impossible to measure everything in a population so businesses often take a ____ to make predictions or estimates

sample

The best time to hire a statistical expert is at the _ of a project

start