# Business Statistics

## Terms

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- Frequency Distribution
- A summary of a set of data that displays the number of observations in each of the distributions distinct categories or classes
- Discrete Data
- Data Whose possible values are countable
- Relative Frequency
- the proportion of total observations that are in a given category. Realitive frequency is computed by dividing the frequency in a category by the total number of observations
- Continous Data
- data whose possible values are uncountables and which may asume any value in an interval
- Data Array
- data that have been sorted in ascending or descending order
- Mutually exclusive classes
- classes that do not overlap so that a data value can be placed in only one class
- All exclusive classes
- a set of classes that contains all the possible data values
- Equal Width Classes
- the distance between the lowest possible value and the highest possible value in each class is equal for all classes
- Class Width
- the distance between the lowest possible value and the highest possible value for a frequency class
- Minimum Class Width Equation
- largest value - smallest value / # of classes
- Class Boundaries
- the upper and lower values of each class
- Cumulative Freqeuncy Distribution
- a summary of a set of data that displays the number of observations with values less than or equal to the upper limit of each of its classes
- Cumalitive Relative Frequency Distribution
- a summary of a set of data that displays the proportion of observations with values less than or equal to the upper limit of each of its classes
- Frequency Histogram
- a graph of a frequency distribution with the horizontal axis showing the classes, the vertical axis showing the frequency count. and 9 for equal class widths) the rectangles having a height equal to the frequency in each class
- dependent variable
- a variable whose values are thought to be a function of or dependent on the values of another variable called the independent variable
- independet variable
- variables whose values are thought to impact the dependent variable. it is grapehed on the x axis
- business statistics
- a collection of tools and techniques that are used to convert data into meanigful information
- statistical infrence tools
- tools that allow a decsion maker to reach a conclusion about a population of data based on a subset of data from the population
- experimental design
- a plan for performing an experiment in which the variable of intrest is defined.
- demographic questions
- questions relating to the respondents own chracteristics backgrounds and attributes
- census
- an enumeration of the entire set of measurments taken from a whole population
- nonstatistical sampling techniqes
- those methods of selecting samples using convience judgement or other nonchance processes
- statistical sampling teechniques
- those sampling methods that use selection techniques based on chance selection
- Convience Sampling
- s ampling techinique that selects the items from the population based on accessiblity and ease of selection
- stratified random sampling
- a statistical method in which the population is divided into subgroups called strata so that each population item belongs to only one stratum
- Systematic Random Sampling
- a statistical random sampling technique that involves the selecting every kth item in the poulation after a randomly selected starting point between 1 and k. the value of k is determined as the ratio of the population size over the desired sample size
- cluster sampling
- a method by which the population is divided into groups or clusters that are each intended to be mini populations.
- quantitative data
- measurements whose values are inherently numerical
- qualitative data
- data whose measurement scale is inherently catergorical
- Time series data
- a set of ordered data whose values observed at succesive points in time
- cross sectional data
- a set of data values observed at a fixed point in time