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# Exam 1 Study Guide 2283

ECU

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This 3 page Study Guide was uploaded by Taylor Gaunt on Monday February 1, 2016. The Study Guide belongs to 2283 at East Carolina University taught by Ronald Williams in Winter 2016. Since its upload, it has received 20 views. For similar materials see Statistics for Business in Mathematics (M) at East Carolina University.

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Date Created: 02/01/16

Statistics of Business Study Exam 1 Vocabulary Statistics – the science of collecting, organizing, presenting, analyzing, and interpreting data Population – set of individuals or objects under study Sample – subset of population Variable – measurement obtained from individuals or objects of interest Parameter – a measurable characteristic of a population Statistic – a measurable characteristic of a sample Descriptive – organizing, summarizing, and presenting data in informative way Inferential – make inferences, predications, generalizations, using sample data to predict what is true about population, use statistic to estimate parameter Direct observation – gathering data while subjects of interest are in natural habitat (unware of being watched) Focus group – individuals gathered to discuss attitudes toward products/services (w/ pay) Experiment – subjects are exposed to certain treatments and the data of interest is recorded Survey – subject are directly asked a series of questions Qualitative/categorical – individuals classified based on attribute/characteristics Nominal level – names Ordinal level – names with a natural order Quantitative – numerical measures of individuals Interval level – (names, natural order) has a unit of difference with constant meaning Ratio level – (all the above) an absolute zero Discrete – quantitative variable, either has finite number of possible values or a countable number Continuous – quantitative variable that has infinite number of possible values that are NOT countable Cross sectional – values collected from a number of subjects during a single time period Time series – values that correspond to specific measurements taken over a range of time periods Frequency Distribution – A grouping of quantitative data into mutually exclusive classes showing the number of observations in each class Relative frequency distribution – a grouping of quantitative data into manually exclusive classes showing the percentage of the population/sample in each class Histogram – a graph in which the classes are marked on the horizontal axis and the class frequencies on the vertical axis. The class frequencies are represented by the heights of rectangles and the rectangles are drawn adjacent to each other across the boundaries of the classes Frequency Polygon – each class is represented by a point plotted at the midpoint of the class on the horizontal axis and the frequency of the class on the vertical. Points are connected by line segments. More-than-Cumulative Frequency Distribution – a grouping of quantitative data into mutually exclusive classes showing the number of observations which have values at least as large as those in the class. The graph is the More-than-Cumulative Frequency Polygon. Less-than-Cumulative Frequency Distribution – a grouping of quantitative data into mutually exclusive classes showing the number of observations which have values at most as large as those in the class. This graph is less-than-cumulative frequency polygon Frequency table – a grouping of qualitative data into mutually exclusive classes showing the number of observations in each class Relative Frequency Table – a grouping of qualitative data into mutually exclusive classes showing the percentage of the population or sample in each class Scatter plots – provide a picture of the relationship between two quantitative variables that are paired together Dependent variable – placed on vertical axis, influence by change in the IV Independent variable – placed on horizontal axis Line chart – a type of scatter plot in which the data points in the scatter plot are connected with a line Mean – average, sum of all values divided by the number of values Median – the value such that half of the data is less and half of the data is more Mode - the most frequent value Coefficient variation – a relative measure of variability. Used when comparing the variability of two groups where Z-scores – gives the number of standard deviations a value lies from the mean. Positive indicates the value is above the mean and a negative z-score indicates the value is below the mean. Chebyshev’s Theorem – at least 1-1k^2 of the data lies within k standard deviations of the mean Tolerance Interval – An interval centered about the mean Percentiles – the p-th percentile is the value from a sample or population such that roughly p percent of the data values are less Q1 – first quartile, 25 percentile Q2 – median, 50 percentile th Q3 – third quartile, 75 percentile IQR: Q3 – Q1 Five number Summary 1. Minimum 2. Q1 3. Median 4. Q3 5. Maximum Outlier – a value is not between upper and lower limits Lower limit = Q1 – 1.5(IQR) Upper limit = Q3 + 1.5(IQR)

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