Summary Managerial Statistics

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ISBN-10 1111534632 ISBN-13 9781111534639
343 Flashcards & Notes
8 Students
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This is the summary of the book "Managerial Statistics". The author(s) of the book is/are Gerald Keller. The ISBN of the book is 9781111534639 or 1111534632. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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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 
  • 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?
    1. Interval
    2. Ordinal
    3. 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
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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?
First-order 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