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For example: discrete (e.g. number of children) continuous (e.g. weight, volume)
Qualitative: data whose measurement scale is inherently categorical (e.g. marital
status, political affiliation, eye color)
Time-Series: a set of consecutive data values observed at successive points in time
(e.g. stock price on daily basis for a year)
Cross-Sectional: A set of data values observed at a fixed point in time (e.g. bank
data about its loan customers)
23.What is descriptive statistics
The procedures and techniques that comprise business statistics include
those specially designed to describe data, such as charts, graphs, numerical
measures
24.What is Arithmetic mean or average?
Average=sum of all data values/number of data values
25.What is the role of business statistics
Convert data to meaningful information
26.What is statistical inference procedures?
Allow decision maker to reach a conclusion about a set of data based on a
subset of that data. Has 2 primary categories: estimation and hypothesis
testing
Estimation: formed by looking closely at a subset of the larger data set.
27.Data measurement levels: nominal data: 1)lowest level basic analysis and
categorical codes and ID numbers 2) ordinal data higher level mid level
analysis ranking ordered categories 3) ratio/interval data measurement and
highest level
Self questions/answers
1) Indicate whether the data is cross sectional or time series
Quarterly unemployment rate-time-series
Unemployment rates by state-cross sectional
Monthly sales-time series
Employment satisfaction data for company-cross sectional
2) Indicate data measurement level:
a. Product rating-ordinal
b. Home ownership-nominal
c. College gpa-ratio
d. Marital status-nominal