MGMT 1501 Study Guide - Midterm Guide: Upper Class, Data Set, Histogram

• School: Dalhousie University
• Department: Management
• Course: MGMT 1501
• Professor: All

Document Summary

Refers to numerical facts such as averages, medians, percentages, and maximums that help us understand a variety of business and economic situations. Also, can refer to the art and science of collecting, analyzing, presenting, and interpreting data. Public accounting firms use statistical sampling procedures when conducting audits for clients. Economists use statistical information in making forecasts about the future of the economy or some aspect of it. Financial advisors use price-earnings ratios and dividend yields to guide their investment advice. Electronic point-of-scale scanners at retail checkout counters are used to collect data for a variety of marketing research applications. A variety of statistical quality control charts are used to monitor the output of a production process. A variety of statistical information helps administrators assess the performance of computer networks. Data: the facts and figures collected, analyzed, and summarized for presentation and interpretation. Data set: all the data collected in a particular study. Elements: entities on which data are collected.