Business Statistics Exam 1 Questions And Answers ( Verified And Updated )

Business Statistics Exam 1 Questions And Answers ( Verified And Updated ) What is statistics? - answerScience of gathering, presenting, analyzing, and interpreting data Uses math and probability Convenient, not bias Branch of Statistics: Descriptive - answerGraphical or numerical summaries of data Branch of Statistics: Inferential - answerMaking a decision based on data Population - answerThe whole Collection of all persons, objects, or items under study Sample - answerGathering data on a subset of the population Use info about the sample to infer about the population (statistical interference) Parameter - answerDescriptive measure of the POPULATION Greek letters Population parameter/average symbol (population mean) - answerμ Population standard deviation - answerσ Population variance - answerσˆ2 Statistic - answerDescriptive measure of a SAMPLE Roman letters Sample mean - answerx̅ Sample standard deviation - answers Square root of the sample variance Sample variance - answersˆ2 Average of the squared deviation from the arithmetic mean Nominal - answerNonparametric (qualitative) Classifying and counting Values "name" the attribute No ordering implied Ex: gender, religion, ID# on a questionnaire, company tax ID Ordinal - answerNonparametric (qualitative) Ranking is possible for values of the variable Same as nominal, but in order (ranking) Ex: ranking, rating, preference scales Interval - answerParametric (quantitative) Nominal and ordinal rule plus +,-,x,/ (means, standard deviation) The distance between attri