summary - Business statistics Chapter 2 Graphical...

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Business statistics Chapter 2 Graphical descriptive methods 2.1) Variable is a characteristic of a population or sample. The values of variable are the possible observations of the variable. Data are observed values of a variable. Numerical Data (quantitative) - Values are real numbers - All calculations are valid - Data may be treated as ordinal or nominal. Nominal Data (categorical or qualitative) - Values are arbitrary numbers that represent categories - Only calculations based on the frequencies of occurrence are valid - Data maybe not be treated as ordinal or numerical. Ordinal Data (ranked) - Values must represent the ranked order of the data - Calculations based on ordering process are valid - Data may not be treated as ordinal or numerical. Data can also be classified according to whether the observations are measured at the same time- cross sectional data - or whether they represent measurements at successive points in time- time series data. If data are pooled across cross section and time series, such a data set
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summary - Business statistics Chapter 2 Graphical...

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