This summary
+380.000 other summaries
A unique study tool
A rehearsal system for this summary
Studycoaching with videos
Remember faster, study better. Scientifically proven.
PREMIUM summaries are quality controlled, selected summaries prepared for you to help you achieve your study goals faster!
Summary  Managerial Statistics

1 What Is Statistics?

How do you call statistics that deals with methods of organizing, summarizing, and presenting data in a convenient and informative way?Descriptive statistics

How do you call statistics that is a body of methods used to draw conclusions or inferences about characteristics of population based on sample data?Inferential statistics

How do you call a random sample of voters who exit the polling booth and are asked for whom they voted?Exit polls

1.1 Key Statistical Concepts

How do you call the group of all items that are of interest to a statistics practitioner?Population

How do you call a descriptive measure of a population?Parameter

How do you call a set of data drawn from the studied population?Sample

How do you call a descriptive measure of a sample?Statistic

How do you call the process of making an estimate, prediction, or decision about a population based on sample data?Statistical inference

How do you call the proportion of times that an estimating procedure will be correct?Confidence level

How do you call the measure of how frequently a conclusion will be wrong?Significance level

2.1 Types of Data and Information

How do you call some characteristics of a population or sample?Variable

How do you call the possible observations of the variable?Values

How do you call the observed values of a variable?Data

How do you call the mark of one student?Datum

How do you call data that consists of real numbers such as heights, weights, incomes, and distances?Interval

How do you call data that consists of categories?Nominal

What are two different names for interval?Quantitative
Numerical 
What are two different names for nominal?
 Qualitative
 Categorical
 Qualitative

How do you call data that looks like nominal data but where the order of the data has meaning?Ordinal

What are the three types of data and in what is their hierarchy?
 Interval
 Ordinal
 Nominal

What are the three characteristics of interval data?
 Values are real numbers
 All calculations are valid
 Data may be treated as ordinal or nominal

What are the three characteristics of ordinal data?
 Values must represent the ranked order of the data
 Calculations based on an ordering process are valid
 Data may be treated as nominal but not as interval

What are the three characteristics of nominal data?
 Values are the arbitrary numbers that represent categories
 Only calculations based on the frequencies or percentages of accurence are valid
 Data may not be treated as ordinal or interval
Read the full summary
This summary. +380.000 other summaries. A unique study tool. A rehearsal system for this summary. Studycoaching with videos.
Latest added flashcards
How do you call the confidence interval for a single value of the dependent variable?
Prediction interval
How do you call the proportion of the variation in the dependent variable that is explained by the variation in the independent variable?
Coefficient of determination
How do you call an estimate of the standard deviation of the error variable?
Standard error of estimate
How do you call the sum of squared differences between the actual and predicted values of the dependent variable?
Sum of squares for error (SSE)
How do you call the difference between the predicted value of the dependent variable and its actual value?
Residual
What is also called the simple linear regression model, this is a regression equation with only one independent variable?
Firstorder linear model
How do you call an equation which contains a random term, or error variable, to account for the fact that the dependent variable may not be completely predictable from the values of the dependent variables?
Probabilistic model
How do you call an equation in which the value of the dependent variable is completely determined by the values of the dependent variables?
Deterministic model
How do you call a technique that analyzes the relationship between interval variables?
Regression analysis
How do you call a method of drawing a straight line through data to measure how well the straight line fits the data?
Least squares method