Summary Managerial Statistics

A snapshot of the summary - Managerial Statistics Author: Gerald Keller ISBN: 9781111534639

• 1 What Is Statistics?

• How do you call a random sample of voters who exit the polling booth and are asked for whom they voted?

  Exit polls
• What is a parameter?

  A descriptive measure of a population. E.g. the mean number of a group, etc. You ask: which measure of the population do I want to describe.
• What are the 2 levels of reliability build into statistical inference?

  1. Confidence level - proportion of times that an estimating procedure will be correct
  2. Significance level - how frequently the conclusion about a population will be wrong

• 1.1 Key Statistical Concepts

• How do you call the group of all items that are of interest to a statistics practitioner?

  Population
• How do you call a descriptive measure of a population?

  Parameter
• How do you call a descriptive measure of a sample?

  Statistic

• 2 Graphical Descriptive Techniques I

• What is the interval data of measurement?

  Real numbers, such as heights, weights, incomes, etc. Also known as quantitative or numerical data. There is an arbitrary zero point, that we as humans chose. E.g temperature. All calculations are valid, and data may be treated as ordinal or nominal.
• What are the 2 types of graphical techniques used to describe ordinal data?

  Also bar chart and pie chart, but the only difference is that the values at the horizontal axis of the bar chart have a logical order, as do the values in the pie chart. The pie chart is also arranged clockwise
• What graphical techniques are used to describe interval and ratio data?

  - Histograms
  - Stem leaf display
  - Ogive
• What is a histogram?

  Gives a clear summary of the set of data. Is drawn with a frequency table that counts the occurrences of a certain interval