{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 2 - Data collection and analysis

Chapter 2 - Data collection and analysis - Chapter 2 Data...

Info icon This preview shows pages 1–14. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 2 Data Collection and Analysis
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Data collection Cross-sectional data versus time-series data Categorical data Nominal versus ordinal Numerical data Discrete versus continuous “a snapshot” “series of observations over time”
Image of page 2
Data collection Example: I survey the class and collect the following data Gender Age Number of siblings Letter grade you think you will receive in ITIS 1P97 What type of data is each of these variables?
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Summarizing data Descriptive statistics Measures of central tendency Mean, µ = AVERAGE(range of values) Median - has just as many values above it as below it MEDIAN(range of values) Mode – the most frequent value of the variable MODE(range of values)
Image of page 4
Summarizing data Descriptive statistics Measures of variance Range – subtract the largest value observation from the smallest value observation Variance of a population VARP(range of values) Variance of a sample VAR(range of values)
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Summarizing data Descriptive statistics Measures of variance Standard deviation of a population = σ STDEV.P(range) Standard deviation of a sample = s STDEV.S(range)
Image of page 6
Summarizing data Statistical displays For categorical data Ordinal data – bar chart For nominal data, can also create “Pareto chart” 0 2 4 6 8 10 12 Weekly Customer Survey frequency 0 2 4 6 8 10 12 Percentage of Sales
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Histograms Graphical representation of a frequency distribution Create “bins” – a set of ranges of values of the variable Assign each observation to its appropriate bin Plot the number of observations in each bin To distinguish them from bar graphs, histograms are shown with no gaps between the bars.
Image of page 8
Probability and Random Variables Probability Measures uncertainty The likelihood of an event occurring A number between 0 (no chance of occurring) and 1 (absolutely sure to occur)
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Probability and Random Variables Subjective probability Logical probability Experimental probability
Image of page 10
Probability and Random Variables Basic terms experiment (or sample) - activity that results in outcome. outcome - result of experiment. sample space - all possible outcomes of experiment. event - a collection of outcomes
Image of page 11

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Probability and Random Variables Event relationships Independent events Dependent events Mutually exclusive events Collectively exhaustive events Complements law
Image of page 12
Probability and Random Variables Union of events – A or B Intersection of events – A and B
Image of page 13

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 14
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern