Statistics: Definitions of Descriptive & Inferential Stats, Populations, Samples, Variable, Quizzes of Introduction to Business Management

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Statistics

Collection of numbers or facts.

TERM 2

Descriptive Statistics

DEFINITION 2

The discipline of quantitatively describing the main features

of a collection of data.

TERM 3

Inferential Statistics

DEFINITION 3

The process of drawing conclusions from data that is subject

to random variation, for example, observational errors or

sampling variation.

TERM 4

Population

DEFINITION 4

a collection of individuals that possess a characteristic of

interest

TERM 5

Sample

DEFINITION 5

a portion of a population selected for study

Target Population

the population about which we want to make inferences

based upon the information contained in a sample

TERM 7

Sampled Population

DEFINITION 7

the population from which a sample is being selected

TERM 8

Simple Random Sample

DEFINITION 8

each element of the population has the same chance of being

included in the sample

TERM 9

Sampling Frame

DEFINITION 9

A list of all sampling units

TERM 10

Variable

DEFINITION 10

a characteristic of interest that may take different values for

different elements

Nominal Data

Symbols used to label categories of a population. Examples

include, ID numbers, account numbers, zip codes, sex, color

TERM 12

Ordinal Data

DEFINITION 12

the ordering of categories become important. Example

include companies ranked according to the quality of their

product, annual revenue of the companies

TERM 13

Interval Data

DEFINITION 13

numerical data, examples include data of birth, grades in a

test, students, year in which a part is produced.

TERM 14

Ratio Data

DEFINITION 14

numerical data that has the potential to produce the most

meaningful information of all data type. Examples include

height, weight, length of rods, diameter of a ball bearing RPM

of a motor, hourly wages, etc.