Business Statistics Flashcards

a universally accepted meaning that is clear to all associated with the analysis

Name of a Category (Gender (female/male), hair color (blonde, brunette, red , gray…)

Has natural ordering (economic status, with three categories (low, medium and high)
and educational experience (with values such as elementary school graduate, high school graduate, some college and college graduate).

distinct cutoffs between values (Number of friends, number of children, number of courses)

Height, weight, time

all items/individuals about which you want to reach conclusions (described by PARAMETERS)

items/individuals (from the population) which are selected for analysis (items/individuals about which you collect data) (described by STATISTICS)

Values that seem excessively different from most of the data values

Values that were not collected (not available to the analysis)

Each data value is place in one and only one category

ALL data values must be recoded in the categories created

listing of items/individualsnits from the population used to select the sample

select items/individualsnits for the sample based on known probabilities (GOOD!)

select items/individualsnits for the sample without knowing their probabilities of selection (BAD!) Creates BIAS. Cannot be used for statistical inference.

collect a sample that an “expert” thinks is representative of the population

collect the sample that is easiest to access.

(attempt to) collect data from every individual in the population

sample is chose in such a way that every subject is equally likely to be selected for the study.

divide frame into groups (strata). Take a simple random sample from each strata.

Uses a systematic method k=N/n (i.e. n groups of k items such as, every 10th person) to select the sample

Divide N items in the frame into clusters and take a random sample of the clusters. Study all items in the cluster.