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Download Basic Business Statistics: Concepts and Applications Questions And Answers 2025/2026 and more Exams Psychology in PDF only on Docsity!
Statistics - correct AnswA branch of mathematics concerned with the collection and analysis of dara. Variables - correct AnswCharacteristics or attributes that can be expected to differ from one individual to another. Data - correct AnswThe observed values of variables. Operational Definition - correct AnswDefines how a variable is to be measured. Population - correct AnswA collection of all members of a group being investigated. Sample - correct AnswThe portion of the population selected for analysis. Parameter - correct AnswA numerical measure of some population characteristic. Statistic - correct AnswA numerical measure that describes a characteristic of a sample. Descriptive Statistics - correct AnswThe field that focuses on summarising or characterising a set of data. Inferential Statistics - correct AnswUses information from a sample to draw conclusions about a population. Statistical Packages - correct AnswComputer programs designed to perform statistical analysis. Primary Sources - correct AnswProvide information collected by the data analyser. Secondary Sources - correct AnswProvide data collected by another person or organisation. Focus Group - correct AnswA group of people who are asked about attitudes and opinions for qualitative research. Categorical Variables - correct AnswTake values that fall into one or more categories. Numerical Variables - correct AnswTake numbers as their observed responses. Discrete Variables - correct AnswCan only take a finite or countable number of values. Continuous Variables - correct AnswCan take any value between specified limits. Nominal Scale - correct AnswA classification of categorical data that implies no ranking. Ordinal Scale - correct AnswScale of measurement where values are assigned by ranking. Interval Scale - correct AnswA ranking of numerical data where differences are meaningful but there is no true zero point. Ratio Scale - correct AnswA. ranking where the differences berween measurements involve a true zero point. Relative Frequency Distribution - correct AnswSummary table for numerical data which gives the relative frequency of data values in each class. Percentage Distribution - correct AnswSummary table for numerical data; gives the percentage of data values in each class. Cumulative Percentage Distribution - correct AnswSummary table for numerical data; gives the cumulative frequency of each successive class. Histogram = correct AnswGraphical representation ofa frequency, relative or percentage distribution; the area of each rectangle represents the class frequency, relative frequency or percentage. Percentage Polygon - correct AnswGraphical representation of a percentage distribution. Cumulative Percentage Polygon (Ogive) - correct AnswGraphical representation of a cumulative frequency distribution. Contingency Table (or cross-classification table) - Descriptive Statistics - correct AnswSummary table for two categorical variables; each cell represents data that satisfy the given values of both variables. Side-by-Side Bar Chart - correct AnswGraphical representation of a cross-classification table. Time-Series Plot - correct AnswGraphical representation of the value of a numerical variable over time. Chartjunk - correct AnswUnnecessary information and detail that reduces the clarity of a graph. Probability Sample - correct AnswOne where selection is based on known probabilities. - Unbiased inferences Simple Random Sample - correct AnswOne where each item in the frame has an equal chance of being selected. n = Sample Size N = Frame Size 1/N chance of selecting a member. Sampling with Replacement - correct AnswAn item in the frame can be selected more than once. Sampling without Replacement - correct AnswEach item in the frame can be selected only once. Systematic Sample ~ correct AnswA method that involves selecting the first element randomly then choosing every kth element thereafter. K=N/n Stratified Sample - correct Answltems randomly selected from each of several populations or strata. 1. Subdivide the N items in the frame into separate sub-populations, or strata. 2. Select a simple random sample within each of the strata, and combine results from the separate simple random samples. Cluster Sample - correct Answ'l‘he frame is divided into representative groups (or clusters) chen all items in randomly selected clusters are chosen. 1. Divide the N items in the frame into several clusters so that each cluster is representative of the entire population, 2. Take a random sample of clusters and study all items in each selected cluster. 
