Applied Statistics in
Business & Economics 5e
– Study Guide, Review,
Practice Questions &
Answers
Updated Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
Descriptive Statistics refers to the collection, organization, presentation, and summary of data (either
using charts and graphs or using a numerical summary.)
Inferential Statistics refers to generalizing from a sample to a population, estimating unknown population
parameters, drawing conclusions, and making decisions.
Observation is a single member of a collection of items that we want to study, such as a person,
firm, or region.
Variable is a characteristic of the subject or individual, such as an employee's income or an
invoice amount
Data Set consists of all the values of all the variables for all the observations we have chosen
to observe.
Univariate Data Sets one variable
Bivariate Data Sets two variables
Multivariate Data Sets more than two variables
Categorical Data have values that are described by words rather than numbers
(Qualitative Data)
Numerical Data arise from counting, measuring something, or some kind of mathematical operation.
(Quantitative Data)
Coding values of the categorical variable might be represented using numbers:
1 = Cash 2 = Credit 3 = Gift Card
Business & Economics 5e
– Study Guide, Review,
Practice Questions &
Answers
Updated Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
Descriptive Statistics refers to the collection, organization, presentation, and summary of data (either
using charts and graphs or using a numerical summary.)
Inferential Statistics refers to generalizing from a sample to a population, estimating unknown population
parameters, drawing conclusions, and making decisions.
Observation is a single member of a collection of items that we want to study, such as a person,
firm, or region.
Variable is a characteristic of the subject or individual, such as an employee's income or an
invoice amount
Data Set consists of all the values of all the variables for all the observations we have chosen
to observe.
Univariate Data Sets one variable
Bivariate Data Sets two variables
Multivariate Data Sets more than two variables
Categorical Data have values that are described by words rather than numbers
(Qualitative Data)
Numerical Data arise from counting, measuring something, or some kind of mathematical operation.
(Quantitative Data)
Coding values of the categorical variable might be represented using numbers:
1 = Cash 2 = Credit 3 = Gift Card
