Introduction to Business Statistics Flashcards

A comprehensive set of vocabulary flashcards covering the basic definitions, types, and concepts of Business Statistics as outlined in the lecture notes.

Statistics

The set of methods and techniques used to collect data, organize, summarize, analyse and thereby to make effective decisions under uncertainity.

Statistics (Croxtion and Cowden)

Statistics may be defined as the collection, presentation, analysis and interpretation of numerical data.

Statistics (Bowley)

Statistics is the science of measurement of social organism regarded as a whole in all its manifestations.

Objective of Statistics

To make effective decisions under uncertainity.

Descriptive Statistics

The set of methods and techniques used to collect, organized and presente summarize and to anolyse data in a sample in order to identify different features of the sample.

Inferential Statistics

The set of methods and techniques used to make effective decisions with regard to a population based on sample's result, or to estimate population parameters based on the values of sample statistics.

Attribute

A characteristic or a feature related to a person or a physical object, such as weight, height, or skin colour.

Variables

Attributes that change from one person to another or from one object to another.

Quantitative variables

Variables where the change can be measured numerically, such as income or the volume of a bottle.

Discrete Variables

The variables that may take only a set of specific values, finite number of values, or countable infinite number of values.

Continuous Variables

The variables that may have take any value within a range of values, such as temperature or weight.

Qualitative Variables

Variables where the change cannot be evaluated numerically, such as taste, skin colour, or gender.

Population

All the elements under consideration for a given study.

Finite Population

A population with a countable number of elements.

Infinite Population

A population with an uncountable number of elements, such as the number of galaxies in the universe.

Sampling Population

The population covered by the sampling frame from which the sample should be selected for the survey.

Target Population

The population on which the conclusions of a Statistical survey are genaralized.

Sample Frame

A document containing the data related to all the elements in the sampling population, such as a class register or electoral register.

Censes

A statistical study carried out by collecting data from every element in the population.

Sample

A systematically selected subset from a population.

Sampling

The process of selecting a sample from a population.

Sampling with replacement

A method where the initially selected element is added back to the population before selecting the second sample.

Sampling without replacement

A method where the initially selected element is not added back to the population before selecting the second sample.

Sample Study

A statistical study carried out by collecting data from the elements in the sample.

Population Parameters

The measures used to interprit a population, which are usually constants and denoted by Greek letters in infinite populations (e.g., $X/\mu$, $S^2/\sigma^2$, $s/\sigma$).

Sample Statistics

The measures used to interprit a sample, which are random variables always denoted using simple English letters (e.g., $\bar{x}$, $s^2$, $s$).

Sampling Error

The errors that may occur due to the variations of estimotes calculated from different samples, which can be minimized by increasing the sample size $n$.

Non-Sampling Error

Errors occurring when collecting, computerizing, calculating, or processing data, such as Interviewer error or Processing error, common in both censes and sample studies.

Statistical Observations

Statistical studies conducted without controlling any factors that may affect the final outcome.

Statistical Experiment

Statistical studies conducted by controlling the factors that may affect the final outcomes.