Eco154 Introduction to Quantitative Method II Summary
Eco154 Introduction to Quantitative Method II Summary
The word _____ is often used t mean any of the following: numerical
information; a summary of numerical information; a discipline.
Statistics
______ presents facts in a definite, lucid and concise form so that the facts
are readily available for making valid conclusions.
Statistics
______ equally synthesizes large mass of data into simple format so that they
convey meaning to the reader.
Statistics
The field of study called _____ is fast becoming relevant and essential in all
aspects of life because for decision to be appropriately taken, resources
judiciously utilized and plans efficiency executed, data has to be collected,
organised, analysed and interpreted. These are the bedrock of Statistics.
Statistics
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______ is the science of making decisions under uncertainty, that is, making
the best decision on the basis of incomplete information.
Statistics
_______ involves the careful analysis of the data collected in form of tables
and the interpretation of such data.
Statistics
For statistics to be able to achieve its goals, the following steps must be
properly followed:
(i) Problem and the objectives should be properly stated.
(ii) Samples should be properly selected without bias.
(iii) Questionnaires should be well laid-out.
(iv) Data should be collected effectively and efficiently.
(v) Data should be properly organized.
(vi) Analysis and interpretation of data must be properly carried out.
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(vii) Outcomes/Results of the analyses should be properly presented.
(viii) The report of the inquiry must be presented using simple and
illustrative languages such as tables, charts or graphs.
In______, the data collected describes the situation that existed at the point
in time when the census was taken.
Descriptive statistics
______ provides a step by step detail of data available and collected at any
given period.
Descriptive statistics
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Basically, the component of statistical process that deals with the
organisation and summarization of information is referred to as______.
Descriptive Statistic
Most often, samples are carefully selected from population. On the basis of
the sample, we infer things or conclusion about the population. This
inference about populations on the basis of the sample is known as______.
Statistical Inference
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Inferential statistics can be divided into two, namely: ______and Inductive
statistics
Deductive statistics
_____ is the act of drawing inferences about a sample using our knowledge of
the population.
Deductive Statistics
______ is the process of drawing inference about the population from the
sample.
Inductive Statistics
______ are collected data that have not been organised numerically.
Raw data
The Standard English Dictionary defines _____ as facts and figures from
which conclusions can be drawn.
data
The data may have already been collected by other agency, organization or
institution (private or public) and may exist either in published or
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unpublished form. The researcher‟s job is then to simply access them for
research purpose. Such data is called_____.
Secondary data
A variable that can theoretically assume any value between two given value
is said to be _______
continuous variable
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Quantitative variables can be classified into______ and______
Discrete variable and Continuous variable
A ______ is a variable whose possible values can be listed, even though the
list may continue indefinitely.
discrete variable
The figure below illustrates the relationship among qualitative, discrete and
continuous variables.
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A ______ is an estimate, prediction or some other generalization about a
population based on information contained in a sample.
statistical inference or inductive statistics
In statistics, the term ______ refers to the whole of any group of individuals
or items whose members (units) possess the same basic and clearly defined
characteristics.
Population
Population is ______
a collection of all possible usable information as may be required or as
clearly defined
Population is ______.
relative
______ is relative.
Population
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Sampling can either be______
random or non random
A _____ sample is one in which every unit of the population has the same
chance of being selected.
random
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stratified sampling
______ involves the use of the reference map of the area of interest.
Cluster sampling
With the aid of the map, the area to be surveyed may be divided into smaller
units and random sampling will be used to select some of the areas. The
group of individuals so formed is known as______
cluster
A ______ is the list of all the population units from which sample units are
identified and selected.
sampling frame
______ measures the deviation between the sample‟s behaviour and the
population‟s characteristics.
Sampling error
_____ is the error that results from using sampling to estimate information
regarding a population.
Sampling error
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(ii) The nature of the questionnaire.
(iii) Memory error
(iv) Coding error
(v) Editing error
(vi) Error due to tabulation
(vii) Error in the sharing of questionnaires.
In______, each and every individual of the group to which the data relates is
covered and information gathered for each individual separately.
complete enumeration
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In______, only a representative part of the group is covered, either because
the group is too large or because the number of items on which information
is sought is too large.
representative enumeration
Generally, there are numerous sources of data, the commonest ones are:
(i) Direct observation
(ii) Personal interview
(iii) Use of questionnaire
(iv) Reports/Results of experiment
(v) Extraction from already established results
_______ is the easiest of all and all it requires is to observe all the items in a
specified population and draw conclusion from them.
Direct observation
______ as a method reduces the chance of incorrect data being recorded but
it is limited by the size of observation.
Direct observation
______ is the method of collection which involves more than one person.
Personal interview
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______ can be conducted through mail, with telephone interviewer or with in-
person interviews.
Survey
_______ provides first hand information, allows for a feed back and has high
probability of receiving accurate information.
Interview
The ______ may seek to know the bio-data (age, sex, marital status, state of
origin, nationalities etc.); or contain direct questions on the main issue to be
investigated.
Questionnaire
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(iv) High proportion of non response due to suspicious on the part of the
respondent.
(v) Lack of proper framework for which samples can be selected.
(vi) The wrong ordering of priorities including misdirection of emphasis and
bad utilization of human and material resources.
An _____data is an array of information such that each item has its own
individual frequency or occurrence.
ungrouped
An ______ is an array of information such that each item has its own
individual frequency or occurrence.
ungrouped data
An ______ shows at glance the number of times each of the data occurs
(frequency) and the sum of times all data occur (∑ f).
ungrouped frequency distribution
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class limits
_______ is the highest opponent of a class boundary for each group or class.
Upper Class Boundaries/Upper Cut Point
The _____ is the midpoint of the class interval and is obtained by adding the
lower and the upper class limits or those of the class boundaries and divide
by 2.
class mark
The extreme left part of a table which is meant to give a description of the
rows is called the _____ of the table.
stub
The upper part of the table which gives a description of the various columns
is the ______ of the table.
caption
The ______ is the principal part of the table, where the figures are exhibited.
body
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(i) It must have a neat outlay and be easily understood i.e. self contained
and self explanatory.
(ii) It must have a general explanatory title or heading. The title should be
clear, unambiguous and concise. It must indicate the purpose of the table.
(iii) The units of measurement must be clearly defined and shown.
(iv) It must contain foot notes and source notes to describe the details and
the origin of the table.
(v) It must have column title to indicate the type of items classified in the
column.
(vi) It must have row title to indicate the type of item classified in the row.
______ are mostly depicted with straight lines or joined points (curves)
Graphs
______ establish relationship with the use of free-hand sketch only and not
with the use of lines.
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Curves
The value of X and Y at the points where the perpendicular meet these axes
are called ______
rectangular coordinates
A _____ is a straight line graph that shows the relationship between two
variables, one on the X–axis and the other on the Y axis (see coordinate
plane).
linear graph
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______ are diagrammatic representation of data with the use of bars, shapes,
curves and other illustrative objects.
Charts
______ consists of bars of rectangle which are of equal width with each of its
length corresponding to the frequency or quantity they are representing.
Bar charts
The bars are separated from one another by _____ intervals of gaps.
equal
The bars are separated from one another by equal intervals of______.
gaps
______ is a chart in which the length of the bars indicated the magnitude of
the data.
Simple vertical bar charts
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The _____ involve drawing bars horizontally thereby presenting the frequency
on the horizontal axis and the variable in the vertical axis.
simple horizontal bar charts
______ mainly shows the relative values of the components expressed as the
percentage of the total.
Percentage multiple bar chart
A ______ shows the breakdown of the total values for a given information
into their component parts.
component bar chart
______ is a component bar chart in which each constituent part of the bar is
presented as the percentage of the total.
Percentage component bar charts
A _____ is a circle divided by radial lines into sections (like slices of a cake or
pie; hence the name) so that the area of each section is proportional to the
size of the value represented.
pie chart
A pie chart is particularly useful where it is desired to show the ______ of the
values or variables that make up a single overall total.
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relative proportion
A Z-chart is simply a graph that extends over a single year and incorporates:
(a) Individual monthly figures
(b) Cumulative figure for the period
(c) The moving annual total
_______ are descriptive representation of data with the use of bars (vertical or
horizontals).
Bar charts
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______ is the curve obtained by joining the midpoint of each bars of a
histogram.
Frequency polygon
A _____ is a line graph of the class frequency plotted against the class mark.
frequency polygon
The ______ is the graph that displays the classes on the horizontal axis and
the relative frequencies of the classes of the vertical axis.
relative frequency histogram
The total frequency of all values less than the upper class boundary of a
given class interval is called _____ up to and including that class interval.
cumulative frequency
A graph showing the cumulative frequency less than any upper class
boundary plotted against the upper class boundary is called a_____.
cumulative frequency curve or ogive curve
_______ are drawn with the use of cumulative frequency distribution table.
Cumulative frequency curves
______ are drawn to establish disparity which exists between two or more
variable.
Lorenz charts
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_______ are the statistical estimates which show the degree to which any
given set of value or data will converge towards the central point of the data.
Measures of central tendency
_______ is the summation of all the total of the individual values or elements
divided by making up the total.
Mean
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(iii) All values are included in computing the mean.
(iv) A set of data has only one mean. It is unique.
______ are other forms of mean apart from the arithmetic and the weighted
mean.
Special means
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Advantages of the Median
(i) It is easy to calculate and understand.
(ii) It depends on the middle items or groups; it is not affected by the
extreme values.
(iii) It can be calculated from incomplete data.
(iv) It is an actual value occurring in the distribution and therefore, it is
related to the value in the distribution.
(v) The median can be determined from frequency diagram i.e. it can be
obtained graphically.
(vi) It gives a clear idea of the distribution of the data.
The ______ is the variable occurring most which corresponds to the highest
point of the frequency curve.
mode
Advantages of Mode
(i) It is easy to obtain either graphically or manually.
ii) It is not be affected by extreme values.
(iii) It is quickly obtained, realistic and dependable.
(iv) It is a good representation of the data.
(v) It is not affected by open-ended classes or extreme values of the
distribution.
Disadvantages of Mode
(i) It is not useful for further mathematical management.
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(ii) It is not a very good measure of central tendency.
(iii) It is difficult to obtain in a large and grouped data.
(iv) It has limited practical use in management.
(v) It is not necessarily unique as there can be more than one mode in a set
of data.
(vi) It does not represent all the values in the distribution.
______ , median and mode are the basic measures of central tendency or the
measures of location.
Mean
Mean, ______ and mode are the basic measures of central tendency or the
measures of location.
median
Mean, median and ______ are the basic measures of central tendency or the
measures of location.
mode
_____ is the difference between the highest and the lowest value in a set of
data.
Range
Advantages of Range
(i) It is useful for further statistical calculation.
(ii) It gives a rough estimate of the difference between the values to be
handled.
(iii) It is easy to calculate and understand.
(iv) It helps in keeping variability in check.
Disadvantage of Range
(i) It does not consider all the values in the data.
(ii) It is not a reliable measure of variability because at times, two different
data may have the same range even though, their dispersion may be
different.
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The _____ refers to the arithmetic average of all deviation in a distribution
from the mean.
mean deviation
The positive square root of the mean squared deviation is called the_____.
standard deviation
______ is the square root of the arithmetic mean of the sum of squares of
deviation of the values in the distribution from the mean.
Standard deviation
When data is broken down into four equal parts or division, each part or
division is called a______.
Quartile
When data is broken down into ten equal parts or division, each part or
division is called a______.
Decile
A _____ is one part of a data when the data is divided into four equal parts.
quartile
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A _____ is one part when a distribution is broken down into ten equal parts
or divisions.
decile
A _____ is one part when a distribution is divided into one hundred (100)
equal parts.
percentile
Charlier‟s check and ______ are used to guide against computational error.
Sheppard’s correction
_______ can be obtained about the origin as well as about the mean.
Moments
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In asymmetrical distribution, all odd moments about the mean is ______.
zero
______ occurs when the mean is increased by some abnormally high values
Positive skewness
A normal distribution which is not very peaked or very low flat topped is
called ______
mesokurtic distribution
A ______ is the one that has the highest or greatest peakness among the
three forms.
leptokurtic distribution
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______ measures the degree of peakness of a distribution.
Kurtosis
______ describes the long-term proportion with which a certain outcome will
occur in situations with short term uncertainty.
Probability
______ is the ratio of the number of expected outcome to the number of all
possible outcomes.
Probability
Two events are said to be _____ if the occurrence of either excludes the
possibility of the occurrence of other event.
mutually exclusive
If two events are such that one has no effect on the other, then they are
______.
independent events
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Two events are _____ if the occurrence of one of the event in a probability
experiment affects the probability of the other event.
dependent
_______ are events in which the occurrence of one event does not preclude
the occurrence of the other event.
Independent events
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It is appropriate when probability is obtained after the outcome of an
experiment has been observed (Posteriori) rather than when the probability
is known ______.
Apriori
A _____ has two sides namely head (H) and a tail (T).
coin
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probability histogram
A device to measure the changes that take place in the individual economic
variables is called the______.
index number
______ takes care of both changes in price and quantity and can thus be
defined as a statistical measure of change of standard of living over a period
of time.
Value index
The _____ is easily recognized as the product of the price relative index and
the quantity relative index.
value index
______ is the type of index number which takes care of both changes in price
and quantity which measures the standard of living over a period of time.
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Value index
An ungrouped data is an array of information such that each item has its
own individual frequency or _______
Occurrence
21 – 30, 31 – 40, 41– 50, 51 – 60 etc., is the categories for which data?
Grouped
______ is the act of drawing inferences about a sample using the knowledge
of population
Deductive statistics
______ is the act of drawing inferences about the population from a given
analysed sample
Inductive statistics
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Array
Foremost Consulting pays its sales people N6.50, N7.50 or N8.50. The
corresponding weight is 14, 10 and 2 respectively. Determine the weighted
average mean.
N7:04K
Standard deviation is the square root of the arithmetic mean of the sum of
squares of deviation of the values in the distribution from ______
Mean
When data is broken down into four equal parts or division, each part or
division is called______
Quartile
Given the set of observation as 7, 12, 13, 15, 16, 17, 18, 19, 20, 25, find the
lower quartile______
13
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When data is broken down into ten equal parts or division, what is each part
or division is called?
Decile
The net weights of the content of 5 coke bottles selected at random are 85.4,
84.9, 85.3, 85.2 and 85.4. What is the arithmetic mean of the sample
observation?
85.24
Given the price (N) 5, 7, 9, 11 and 13 and corresponding qty supplied (kg)
respectively as 40, 60, 80, 100, and 120,, what is the total expenditure if
100kg were supplied and bought?
1100
Given the following array of numbers; 1,2,3,4,5.6, the mean value is______
3.5
Given the following array of numbers; 1,2,3,4,5.6, the mean deviation value
is_____
1.5
If the ages of six children are; 2, 3. 5. 7.9, and 11, find the mean age.
6 years 2 month
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______ deals with direction of variation.
Moment
Given the following array of numbers; 2, 3,4,5, and 6, calculate the first
moment around the mean _______
0
Given the following array of numbers; 2, 3,4,5, and 6, calculate the second
moment around the mean
2
Statistics involves the careful analysis of the data collected in form of tables
and the ______
interpretation
_______ is the process of selecting from some larger set of data whose
characteristics we wish to estimate.
MCmpling
The process of inferring from some larger set to specific MCmple is known to
be______
inductive
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One of the following is NOT an acceptable definition of statistics
opinion
The act of drawing inferences about a MCmple using the general knowledge
of the population is known as______
Inductive statistics
The process that involves argument from the specific point of view to the
general is known as _______
Inductive statistics
A variable that can assume any value between two given values is MCid to
be______ variable.
continuous
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class limits
An ______ is an array of information such that each item has its own
individual frequency or occurrence
ungrouped data
Charlier‟s check and Sheppard‟s correction are used to guide against ______
computational error
A ______ is one part when a distribution is divided into one hundred (100)
equal parts
percentile
Given a set of scores as: 17, 23, 13, 12, 16, 7, 19, 20, 18 and 15. Find the
8th decile
19.5
A _____ is one part when a distribution is broken down into ten equal parts
or divisions
decile
Given the set of observation as: - 7, 12, 18, 15, 20, 19, 16, 13, 23 and 17.
Find: the semi-interquartile range
3
Given the set of observation as: - 7, 12, 18, 15, 20, 19, 16, 13, 23 and 17.
Find the lower quartile
13
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Skewness
In the toss of a die; the sample space is S = {1, 2, 3, 4, 5,6} while the S1{odd
numbers: 1, 3, 5}, S2{prime numbers: 2, 3, 5} etc. are called what?
sample points
The applications of statistics can be divided into two broad areas such as
______ and _______
expilicit statistics and inferential statistics
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Given the set of observation as: - 7, 12, 18, 15, 20, 19, 16, 13, 23 and 17.
Find: the lower quartile
11
Given the set of observation as: - 7, 12, 18, 15, 20, 19, 16, 13, 23 and 17.
Find: the semi-interquartile range
1
A ______ is one part when a distribution is broken down into ten equal parts
or divisions
Percentile
Given a set of scores as: 17, 23, 13, 12, 16, 7, 19, 20, 18 and 15. Find the
8th decile
12.4
A _____ is one part when a distribution is divided into one hundred (100)
equal parts
Set of data
Charlier‟s check and Sheppard‟s correction are used to guide against ______
Data error
For skewed distributions, the mean tends to lie on the same side of the
______
Line
A normal distribution which is not very peaked or very low flat topped; is
called _____ distribution
mesokurtic
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A distribution which is flat topped is said to be _____ distribution
Leptokurtic
A _____ distribution is the one that has the highest or greatest peakness
among the three forms
Data
_____ co-efficient of kurtosis measure made use of the fourth moment about
the mean and the variance
Efficient Moment
Given that Q1 = 52, Q3 = 91, P90 = 120 and P10 = 92, find the percentile
co- efficient of kurtosis and comment on the peakness of the distribution.
0.421
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______ Probability is a measure of the likelihood of a random phenomenon or
chance behaviour
Data analysis
______ is the ratio of the number of expected outcome to the number of all
possible outcomes
Non Probabbility
If the probability that it will rain in Lagos is ¼, what is the probability that it
will NOT rain in lagos?
0.34
Two events are said to be mutually _____ if the occurrence of either excludes
the possibility of the occurrence of other event
Exclusive
In a toss of a fair die, what is the probability that a 5 is rolled, given that the
die comes up odd.
1/3
In a toss of a fair die, what is the probability that the die comes up odd,
given that 5 is NOT rolled?
¼
If a dice is picked at random, what is the probability that it is white and the
score obtained from it is even?
1/3
If a dice is picked at random, what is the probability that it is red with even
score or a yellow with red score?
1/9
The _____ diagram of the set theory is sometimes used in solving probability
problems
Venn
Given that the probability that Ayo attends a party is independent of Bolu
attending the same party. If the probability that Ayo attends is 2/3 and the
probability that Bolu attends is 3/5. Find the probability that both of them
attend the party.
½
Given that the probability that Ayo attends a party is independent of Bolu
attending the same party. If the probability that Ayo attends is 2/3 and the
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probability that Bolu attends is 3/5. Find the probability that either of them
attend the party
7/5
Five coins are tossed, what is the probability that they all show the same
faces?
2/7
In a toss of 2 dice what is the probability of obtaining one of the score being
„3‟
5/18
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Three dice are tossed, what is the probability of obtaining the same score
throughout?
1/20
_____ presents facts in a definite, lucid and concise form so that the facts are
readily available for making valid conclusions
Statistics
______ statistics, the data collected describes the situation that existed at
the point in time when the census was taken
Descriptive
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Continuous
______ error is the error that results from using sampling to estimate
information regarding a population
Sampling
In complete______, each and every individual of the group to which the data
relates is covered and information gathered for each individual separately
Enumeration
An ______ data is an array of information such that each item has its own
individual frequency or occurrence
Ungrouped
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Graph
A ______ shows the breakdown of the total values for a given information
into their component parts
Component bar chart
A ______ is simply a graph that extends over a single year and incorporates
Z-chart
The relative frequency _____ is the graph that displays the classes on the
horizontal axis and the relative frequencies of the classes of the vertical axis.
Histogram
Measures of _____ are the statistical estimates which show the degree
to which any given set of value or data will converge towards the central
point of the data
central tendency
The net weights of the content of 5 coke bottles selected at random are 85.4,
84.9, 85.3, 85.0 and 85.4. What is the arithmetic mean of the sample
observation?
85.2kg
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Find the median of each of the following sets of information 3, 6, 5, 4, 2, 4,
8, 4, 6, 8, 9 and 10
6
One advantage of mean ______ is that, it presents a good picture of the data
because every item is taken into account
Deviation
One measure of dispersion which is very reliable is the variance of the mean
______ deviation
Square
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