Chapters 1-4 Business Statistics
Mean - correct answer-Average; the sum total of a data set divided by the number of values
in the set. Gives the average value of the entire set
Median - correct answer-The middle value of a data set that is in numerical order. If the
number of values is even you divide the middle two values.
Mode - correct answer-The number that occurs most in a data set. If every number occurs
the same amount of times there is no mode
Descriptive Statistics - correct answer-"Tabular, graphical, and numerical summaries of
data."
Examples: Skewness, Average, Etc
Nominal Scale - correct answer-"The scale of measurement for a variable when the data are
labels or names used to identify an attribute of an element. Nominal data may be
non-numeric or numeric."
Ordinal Scale - correct answer-"The scale of measurement for a variable if the data exhibit
the properties of nominal data and the order or rank of the data is meaningful. Ordinal data
may be non-numeric or numeric."
Interval Scale - correct answer-"The Scale of measurement for a variable if the data
demonstrate the properties of ordinal data and the internal between values is expressed in
terms of a fixed unit of measure. Interval data are always numeric"
Ratio Scale - correct answer-"The scale of measurement for a variable if the data
demonstrate all the properties of interval data and the ratio of two values is meaningful.
Ratio data are always numeric."
Categorical Data - correct answer-"Labels or names used to identify an attribute of each
element. Categorical data use either the nominal or ordinal scale of measurement and may
be non-numeric or numeric."
Quantitative Data - correct answer-"Numeric values that indicate how much or how many of
something. Quantitative data are obtained using either the interval or ratio scale of
measurement."
Statistical Inference - correct answer-"The process of using data obtained from a sample to
make estimates or test hypotheses about the characteristics of a population"
Variance - correct answer-(S²) = Σ(X-Xbar)²/n-1
Standard Deviation - correct answer-s, or σ = √Σ(X-Xbar)²/n-1
Mean - correct answer-Average; the sum total of a data set divided by the number of values
in the set. Gives the average value of the entire set
Median - correct answer-The middle value of a data set that is in numerical order. If the
number of values is even you divide the middle two values.
Mode - correct answer-The number that occurs most in a data set. If every number occurs
the same amount of times there is no mode
Descriptive Statistics - correct answer-"Tabular, graphical, and numerical summaries of
data."
Examples: Skewness, Average, Etc
Nominal Scale - correct answer-"The scale of measurement for a variable when the data are
labels or names used to identify an attribute of an element. Nominal data may be
non-numeric or numeric."
Ordinal Scale - correct answer-"The scale of measurement for a variable if the data exhibit
the properties of nominal data and the order or rank of the data is meaningful. Ordinal data
may be non-numeric or numeric."
Interval Scale - correct answer-"The Scale of measurement for a variable if the data
demonstrate the properties of ordinal data and the internal between values is expressed in
terms of a fixed unit of measure. Interval data are always numeric"
Ratio Scale - correct answer-"The scale of measurement for a variable if the data
demonstrate all the properties of interval data and the ratio of two values is meaningful.
Ratio data are always numeric."
Categorical Data - correct answer-"Labels or names used to identify an attribute of each
element. Categorical data use either the nominal or ordinal scale of measurement and may
be non-numeric or numeric."
Quantitative Data - correct answer-"Numeric values that indicate how much or how many of
something. Quantitative data are obtained using either the interval or ratio scale of
measurement."
Statistical Inference - correct answer-"The process of using data obtained from a sample to
make estimates or test hypotheses about the characteristics of a population"
Variance - correct answer-(S²) = Σ(X-Xbar)²/n-1
Standard Deviation - correct answer-s, or σ = √Σ(X-Xbar)²/n-1
