Chapter2_STAT1100.ppt", filename="Chapter2_STAT1100.ppt", filename="Chapter2_STA

# Chapter2_STAT1100.ppt", filename="Chapter2_STAT1100.ppt", filename="Chapter2_STA

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Graphical and Tabular Descriptive Techniques Statistics for Management and Economics Chapter 2 Updated: 05/07/09

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Objectives Types of Data and Information Graphical and Tabular Techniques for Nominal Data Graphical Techniques for Interval Data Describing the Relationship Between Two Variables Describing Time-Series Data
Types of data and information A variable is a characteristic of population or sample of interest Data, or data points, is the actual values of variables. There are three general types: Interval, Nominal and Ordinal We also commonly designate them: Quantitative or Categorical

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Types of data and information: Interval Data Real numbers, for example: heights, weights, prices, etc. Also referred to as quantitative or numerical . Arithmetic operations can be performed on Interval Data, thus it’s meaningful to talk about 2*Height, or Price + \$1, and so on.
Types of data and information: Nominal Data Nominal data are also called qualitative or categorical . The values of nominal data are categories , for example: responses to questions about marital status, coded as Single = 1, Married = 2, Divorced = 3, Widowed = 4 Because the numbers are arbitrary arithmetic operations don’t make any sense (e.g. does Widowed ÷ 2 = Married?!)

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Types of data and information: Ordinal Data Ordinal Data appear to be categorical in nature, but their values have an order ; a ranking to them. For example, college course rating system: poor = 1, fair = 2, good = 3, very good = 4, excellent = 5. Order is maintained no matter what numeric values are assigned to each category. While it’s still not meaningful to do arithmetic on this data (e.g. does 2*fair = very good?!), we can say things like: excellent > poor or fair < very good
Types of data and information Cross-sectional data is data that is collected at a certain point in time Marketing survey Starting salaries of MBA graduates Longitudinal data is collected over a period of time. Sometimes also referred to as time-series data . Weekly starting prices of gold Daily bid price on posted e-Bay item

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Types of data and information Prospective data is collected from the current point into the future. Retrospective or historical data is collected on events that have happened in the past.
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## This note was uploaded on 06/25/2008 for the course BUSSPP MCE taught by Professor Atkins during the Spring '08 term at Pittsburgh.

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Chapter2_STAT1100.ppt", filename="Chapter2_STAT1100.ppt", filename="Chapter2_STA

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