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Time-Series vs.Cross Sectional (MOVIE) (SNAPSHOT) Same population/samplemeasured Different populations/samples at different times. measured at the same time.
OIS 2340 –Business Statistics Chapters 1 & 2 3 Rankings and Ordered Categories Categorical Codes ID Numbers Category Names Interval/Ratio Data Highest Level Data Allows Complete Analysis Ordinal Data Higher Level Data Allows Mid-Level Analysis Nominal Data Lowest Level Data Allows Only Basic Analysis *Data Measurement LevelsNominal Data Ordinal Data Categorical (Qualitative) Data Categorical (Qualitative) Data WITH “Names”ORDER OR RANK “my favorite color”“class rank”“favorite sport”“Level of education”“gender”Interval Data Ratio Data Numerical (Quantitative) Numerical (Quantitative) with a true 0(Does 0 mean “none”?)“temperature”“age”“income”Measurements
OIS 2340 –Business Statistics Chapters 1 & 2 4 Summarizing QUALITATIVE Data Tabular Summaries1. Frequency Distribution Displays the numberof observations in each of several categories or classes. Can be generated with Excel’s COUNTIF function.] SOFT DRINK EXAMPLE 2. Relative Frequency and Percent Frequency Distributions Shows the proportionor percentageof items in each of several categories or classes. Relative Frequency= Frequency of a Class ÷ n, where nis the number of observations. Percent Frequency= Relative Frequency x 100. Useful for comparing similar sets of data with different sample sizes. SOFT DRINK EXAMPLE FOLLOW UP Graphical Summaries1. Bar Charts May be used to show frequency, relative frequency, or percent frequency. Provide a quick visual of what a frequency distribution shows in tabular form. Bars should be separate to reinforce the distinctness of categories. Bars are often colored (but don’t have to be).Bars may run vertically (more common) or horizontally.