STATS Chap.1 Vocabulary Terms

Statistics

the mathematical science that deals with collection, analysis, and presentation of the data

business statistics

statistics, but related to business such as money or hours worked

data

the values assigned to specific observations

secondary data

data that is collected from someone else

primary data

data collected by yourself; very reliable

quantitative data

data that is numerical

qualitative data

data that is categorical like the state people are from

discrete data

numerical data is listable and countable; table

continuous data

not listable and countable because there are infinite outcomes; graph

nominal data

using numbers, but for category purposes, no numerical value

ordinal data

has order and ranking

interval data

also has order, but you know the difference in your data values

ratio data

has order, difference and absolute zero where zero equals nothing

descriptive statistics

describes or summarizes your data

inferential statistics

when you use a sample to draw a conclusion or prediction about the population

population

N; the entire set of whatever you are working with

sample

n; a subset of a population

parameter

a characteristic of a population

statistic

a characteristic of a sample