Notes%20Ch%201

Notes%20Ch%201 - Chapter 1 1.1 Data Data are facts and...

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Chapter 1 1.1 Data Data are facts and figures from which conclusions can be drawn. The data that are collected for a particular study are referred to as a data set. Consider the following data set that provides information about homes sold in Kennesaw, GA. The table provides information about a group of individual elements (homes). This data set describes four characteristics or variables: Subdivision, List Price, Construction Quality, and Walk Score. For any variable describing an element, we carry out a measurement to assign a value of the variable to the element. The variable is quantitative if it describes how much or how many units and it takes numbers as values; for example, List Price and Walk Score. The variable is qualitative (also called categorical) if it describes the category or type of element; for example, Subdivision and Construction Quality. Table 1: Home Sales in Kennesaw Home Subdivision List Price Construction Quality Walk Score 1 Lullwater $194,000 8 Superior 32 2 Palisades $447,000 9 Excellent 45 3 Olmstead $187,000 7 Very Good 12 4 Highcroft $155,000 6 Good 23 5 Palisades $452,000 9 Excellent 45 Cross-sectional data are data collected at the same or approximately at the same point in time. Times series data are data collected over different time periods. The above example provides cross-sectional data. An example of time series data is presented below. Table 2: Average Basic Cable Rates in the U.S. Year 2005 2006 2007 2008 2009 Average Cable Rate ($) 23.07 24.41 26.48 27.81 28.82 1.2 Data Sources Data can be obtained from existing sources or from experimental and observational studies. Existing sources provides data by public or private sources and disseminated mostly through the Internet. Some useful websites that provide already gathered data are listed below.
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Table 3: Examples of Useful Data Sites Title Website Data Type Global Financial Data http://www.globalfindata.com Annual data on stock markets, inflation rates, interest rates, exchange rates, etc National Bureau of Economic Research http://www.nber.org/databases Historic data on production, construction, employment, money, prices, asset market transactions, foreign trade, and government activity Federal Reserve Economic Data http://www.stls.frb.org/fred Historical U.S. economic and financial data, including daily U.S. interest rates, monetary and business indicators, exchange rate, balance of payments, and regional economic data Bureau of Labor Statistics http://stats.bls.gov Data concerning employment, inflation, consumer spending, productivity, safety, labor demographics. U.S. Census Bureau
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Notes%20Ch%201 - Chapter 1 1.1 Data Data are facts and...

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