Chapter 1 Data and Statistics

Chapter 1 Data and Statistics - Chapter 1 Data and...

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Chapter 1 – Data and Statistics Applications in Business and Economics - Accounting - Finance - Marketing - Production - Economics Data - Data are the facts and figures collected, analyzed, and summarized for presentation and interpretation. All data collected for a specific study is the data set Elements, Variables, and Observations - Elements are entities on which data are collected (i.e. an individual company’s stock) - Variables are characteristics of interest for the elements. Measurements collected on each variable for each element provides the data - Observations are the set of measurements (all variables) for a particular element Scales of Measurement - Data collection requires scales of measurements, including nominal , ordinal , interval , or ratio . The scale of measurement determines the amount of information contained in the data, and indicates the most appropriate data summarization and statistical analyses - Nominal scale is a scale of measurement when the data for a variable consist of labels or
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Chapter 1 Data and Statistics - Chapter 1 Data and...

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