MGMT 2340 STATS EXAM 1 STUDY GUIDE Ch. 1-3.docx - EXAM#1 CHAPTERS 1-3 NOTES CHAPTER 1 The study of statistics can be defined as o The language for data

# MGMT 2340 STATS EXAM 1 STUDY GUIDE Ch. 1-3.docx - EXAM#1...

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EXAM #1 CHAPTERS: 1-3 NOTES CHAPTER 1 The study of statistics can be defined as o The language for data OR The art of science of getting information from data OR The study on collecting, analyzing, presenting, and interpreting data (ALL) - When reading published statistics (numerical facts), you should _________. o Only believe those statistics that are adequately supported - The two branches of the study of statistics are generally referred to as __________. o Descriptive and inferential - Population parameters are difficult to calculate due to _____________. o Cost prohibitions on data collection OR The infeasibility of collecting data on the entire population (A & B - The teachers union in California wants to know the average salary for high school teachers throughout the country. What will the teachers union presumably calculate? o Sample statistic - A population consists of ________________. o All items of interest in a statistical problem - In inferential statistics, we calculate statistics of sample data to o Estimate unknown population parameters OR Conduct tests about unknown population parameters A or B Define population and a sample o Residents of Albany, New York, and registered voters in Albany, New York o The registered voters in Albany are clearly a subset of the residents of Albany. - Examples of cross-sectional data? o Results of market research testing consumer preferences for soda o The test scores of students in a class OR The current average prices of regular gasoline in different states OR The sales prices of single-family homes sold last month in California (ALL) - Examples of time-series data? o Quarterly housing starts collected over the last 60 years - Sampling? o The estimation of which of the following requires sampling? U.S. unemployment rate o Sampling is used heavily in manufacturing and service settings to ensure high-quality products. In which of the following areas would sampling be inappropriate? Custom cabinet making o Sampling is often necessary due to the potential cost and time of gathering population data o Sampling allows researchers to draw conclusions about the population. - A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?

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