Business Statistics: Data and Data Preparation

These flashcards cover key terminology and concepts related to business statistics, specifically focusing on data types, levels of measurement, and statistical analysis techniques.

Statistics

The science that deals with the collection, preparation, analysis, presentation, and interpretation of data.

Descriptive Statistics

Statistics that summarize or describe characteristics of a data set.

Inferential Statistics

Statistics that make inferences about populations based on samples.

Qualitative Data

Non-numerical data that describes categories or qualities.

Quantitative Data

Numerical data that can be measured and expressed mathematically.

Discrete Data

Countable data, such as the number of cars in a parking lot.

Continuous Data

Data that can take any value in a range, such as time or weight.

Nominal Level of Measurement

A level of measurement involving categories without a natural order.

Ordinal Level of Measurement

A level of measurement that involves order among categories but not equal intervals.

Interval Level of Measurement

A level of measurement with ordered categories and equal intervals but no true zero.

Ratio Level of Measurement

A level of measurement with ordered categories, equal intervals, and a true zero.

Statistical Error

Mistakes in statistical analysis that can cause incorrect conclusions.

Chi-square Test

A statistical test used to determine if there is a significant association between categorical variables.

t-test

A statistical test used to compare the means of two groups.

ANOVA

Analysis of Variance, a statistical method used to compare means among three or more groups.

Pearson Correlation

A measure of the linear correlation between two variables.