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| Public accounting firms use statistical sampling procedures when conducting audits for their clients. |
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| Financial advisors use a variety of statistical information, including price-earnings ratios and dividend yields, to guide their investment recommendations. |
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| Electronic point-of-sale scanners at retail checkout counters are being used to collect data for a variety of marketing research applications. |
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| A variety of statistical quality control charts are used to monitor the output of a production process. |
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| Economists use statistical information in making forecasts about the future of the economy or some aspect of it. |
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| the facts and figures that are collected, summarized, analyzed, and interpreted. |
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| The data collected in a particular study are referred to as |
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| The ________ are the entities on which data are collected |
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| is a characteristic of interest for the elements. |
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| The set of measurements collected for a particular element is called an __________. |
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| Total number of data values in a data set |
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| is the number of elements multiplied by the number of variables. |
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| Scales of Measurement include: |
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*Nominal
*Ordinal
*Interval
*Ratio |
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| the amount of information contained in the data. |
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| the data summarization and statistical analyses that are most appropriate. |
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*Date are LABELS or NAMES used to identify and attribute of the element.
*A nonnumeric label or a numeric code may be used. |
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*The data have the properties of nominal data and the order or rank of the data is meaningful.
*A nonnumeric label or a numeric code may be used. |
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*The data have the properties of ordinal data. The difference between observations can be calculated but the intensity of differences may not be meaningful.
*Interval data are always numeric.
*Interval data do not have an inherent zero or starting point. |
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*The data have all the properties of interval data and the ratio of two values is meaningful.
*Variables such as distance, height, weight, and time use the ratio scale.
*This scale must contain a zero value that indicates that nothing exists for the variable at the zero point. |
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| are labels or names used to identify an attribute of each element. |
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| indicate either how many or how much. |
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| are collected at the same or approximately the same point in time. |
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| are collected over equally-distanced periods of time. |
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| is the entire data set. A complete collection of data points on the variable under study. May or may not be finite. |
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| is a subset of population data, drawn according to a given sampling scheme, e.g., simple random sampling. |
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| Often we have limited time to conduct the study and provide a timely conclusion. |
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| Often there is a limited amount of funds available to conduct the study which may not be sufficient to collect all the data and analyze them. |
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| A population may be infinite. Alternatively, it may be impossible to collect all of the data. |
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| Destruction/Consumption of Units |
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| Sometimes data collection involves destruction or consumption of units. |
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| is a single-valued, numerical measure that describes certain characteristic of data. |
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| is an estimator of a population parameter. |
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| are the tabular, graphical, and numerical methods used to summarize data, so that we can describe the data. |
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| Methods that help draw conclusions about population data based on analysis of sample data. |
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| is the process of using data obtained from a small group of elements (the sample) to make estimates and test hypotheses about the characteristics of a larger group of elements (the population). |
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