Descriptive Stats
The two main types of descriptive stats we are covering in this class
What is Measures of Central Tendency and Measures of Dispersion (which are...)
What is a sample?
These three descriptive statistics show where the bulk of the data lie in a distribution
What is the mean, median and mode?
The greatest net benefit
What is the fundamental rule of CBA?
The hypothesis where there is not a relationship or difference
What is the null hypothesis?
The reason why inferential stats are called inferential
What is because you use them to infer something from a sample to a population
This is the statistical term for the level of confidence you want to have in your results
What is identify costs and benefits
When you reject a hypothesis when in fact it is true, or when you accept a hypothesis when in fact it is false.
Type I or II error
These are at least four kinds of ways to gather data on a subset of a population
This type of data is also called continuous
What is interval or ratio (Berner will use the term interval to capture both)
The costs of not doing something.
What are opportunity costs?
Other terms for a Type 1 or Type II error
What is False Positive or False Negative
What is symmetrical or a normal distribution?
In multiple regression, you can include multiple of these.
Independent variables
These two letters of the alphabet symbolize independent and dependent variables in statistics
How you might estimate a cost or benefit for something that is hard to put a direct $ value on, like having a park across the street.
Sometimes called a critical value in inferential stats - give it a good guess or explanation.
Bonus (500!), what would the value be (exactly) if you wanted to be at least 95% confident that your result is not just random.
A T-score, a Z-score - basically the point above (or below, that is + or -) where you conclude a result is likely NOT random.
Bonus - what is 1.96?
This is the number of standard deviations from the mean (- and +) that encompass 95% of a normal curve in a data distribution
What is 2 on either side of the mean?
The four kinds of inferential stats we will cover in this class
T-test, chi-square, correlation and regression.
The level of probability at which a null hypothesis is rejected.
Alpha
What is an example of shifted costs?
Top pop song in 1999
and hit in the movie Shrek II
What is Livin la Via Da Loca?