Statistics for Analysis

These flashcards cover key vocabulary and their definitions related to the lecture on statistics for analysis.

Statistical analysis

A method used widely in all business disciplines to analyze data, understand trends, and make decisions.

Marketing research

The process marketers use to understand customer spending patterns and needs to plan effective campaigns.

Management consulting

Services provided to organizations to evaluate the effectiveness of resources.

Quality control methods

Techniques applied by manufacturers to ensure consistency and reliability of products.

Market research

Activities undertaken to gather data about customer needs and preferences.

Customer engagement

The process of building and maintaining relationships with the customer to increase loyalty and sales.

Sampling distribution

A probability distribution of a statistic obtained by selecting random samples from a population.

Statistical inference

The process of drawing conclusions about a population based on a sample.

Variance

A measure of how far each number in a set is from the mean and thus from every other number in the set.

Standard deviation

A measure that quantifies the amount of variation or dispersion of a set of data values.

Probability distribution

A statistical function that describes the likelihood of obtaining the possible values that a random variable can take.

Random variable

A variable whose possible values are numerical outcomes of a random phenomenon.

Binomial distribution

A probability distribution that summarizes the likelihood that a value will take on one of two independent states.

Poisson distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval.

Normal distribution

A continuous probability distribution that is symmetrical around its mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Z-score

The number of standard deviations a given data point lies above or below the mean.

Central limit theorem

The theorem stating that the distribution of sample means approaches a normal distribution as the sample size becomes larger, regardless of the original distribution.

Hypothesis testing

A statistical method that uses sample data to evaluate a hypothesis about a population parameter.