Stats Chap 1 Quiz

statistics

the art, science of collecting, analyzing, interpreting, and presenting data.

application

accounting, economics, finance, marketing, operation and supply chainmanagement, healthcare, education, and social sciences.

data

fact/figures collected, analyzed, and summarized for presentation and interpretation.

elements

entities on which data is collected variable

variable

characteristic of interest for the elements.

data set

all of the data collected for a particular study.

nominal scale

labeling variables without quantitive value.

ordinal scale

variables classified into categories that can be ranked or ordered.

interval scale

data have the properties of ordinal data, and the interval between observations is expressed in terms of a fixed unit of measure.

ratio scale

data have the properties of interval data, and the ratio of two values is meaningful

cross-sectional data

data collected at the same time.

time series data

data collected over several time periods

population

set of all elements of interest in a particular study

sample

subset of the population

statistical interference

using data from sample to make estimates and ttest hypothesizes about the characteristics of a population

census

collectiong data for entire population

sample survey

collecting data for a sample

descriptive analytics

past data

predictive analytics

past data to predict future

prescriptive analytics

best course of action

big data

large more complex data sets. cant be managed, processed, or analyzed

three v’s

volume, velocity, variety

data warehousing

capturing. storing, maintaining data

data mining

methods help deveolp useful decision making information from large databases