Flashcards
Key Terms Chapter 22: Business Statistics
Cards in this deck (15)
- 1Bar graphVisual representation using horizontal or vertical bars to make comparison or to show relationship on items of similar makeup.
- 2Circle graphsA visual representation of the parts to the whole.
- 3Empirical RuleFor a normal distribution, nearly all the data fall within three standard deviations of the mean.
- 4Frequency distributionShows by table the number of times event(s) occurs.
- 5Index numbersExpress the relative changes in a variable compared with some base, which is taken as 100.
- 6Line graphGraphical presentation that involves a time element. Shows trends, failures, backlogs, and the like.
- 7MeanStatistical term that is found by: Sum of all figures ÷ Number of figures.
- 8Measure of dispersionNumber that describes how the numbers of a set of data are spread out or dispersed.
- 9MedianStatistical term that represents the central point or midpoint of a series of numbers.
- 10ModeValue that occurs most often in a series of numbers.
- 11Normal distributionData are spread symmetrically about the mean.
- 12Price relativeThe quotient of the current price divided by some previous year’s price—the base year—multiplied by 100.
- 13RangeDifference between the highest and lowest values in a group of values or set of data.
- 14Standard deviationMeasures the spread of data around the mean.
- 15Weighted meanUsed to find an average when values appear more than once.