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Measurement
Assignment of a value to a characteristic of an object or event.
Data
measurements that are collected, recorded, and summarized for presentation, analysis, and interpretation.
Element
an entity or object on which data are collected. Also called a case or an individual.
Variable
characteristic of the elements whose value may differ from element to element and is of interest to the data collector.
Observation
measurement of a variable or variables on a single element.
Qualitative data
labels or names for a characteristic.
Quantitative data
measurement of amount or quantity.
Nominal level
data that can only categorized
Ordinal level
data can be categorized and ranked
Interval level
values convey how much more or less one value is from another
Ratio level
values can take on a ‘natural’ or ‘absolute’ zero
Cross-sectional data
values are collected from many entities during a given period of time.
Time series data
values are collected from a single entity over several (usually successive) time periods.
Cross-sectional data example
how tall is each student in the class?
Time series data
how tall was a single student on each of his/her birthdays?
Survey/observation
Selection of a proportion of the population and measurement or observation of the values of the variables in question for the selected elements
Experiementation
Manipulation of the values (or levels) of one or more (independent) variables or treatments and observation of the corresponding change in the values of one or more (dependent) variables or responses
Primary data
Data collected by the user to to answer a specific question. Example: survey collection (observation) Experimentation
Secondary data
Data used to answer a question other than that for which they were originally intended. Example: Newspapers, Magazines, Books, Government Publications, online databases
Statistics
art and science of collecting, describing, analyzing, interpreting, and presenting data
Population
Collection of all possible elements of interest.
Census
Collection of the values for all variables of interest that correspond to all elements of a population. The size of the census (number of elements in the population) is usually denoted N. Note that when a census is collected, we can say that the data tell/say something to us.
Parameter
A summary measure used to describe values of a variable for the entire population.
Sample
a collection of elements that comprise a subset of the population.
The size of a sample is
usually denoted with n
Statistic
an estimate of the value of a parameter based on the elements that belong to the sample. Can be descriptive or inferential.
Descriptive statistics
tabular, graphical, and numerical methods used to summarize one or more characteristics of a population or a sample.
Inferential statistics
use of data obtained through sampling to estimate the value of or test a hypothesis about a parameter (i.e., use of inductive logic).
Probability
science of numerically measuring the likelihood that a given event will occur
Why sample?
Expense - Speed - Destructive Nature of Data Collection - Accuracy - Inaccessibility of Some Elements - Invasiveness of some Sampling (blood, human tissue)
Applications of statistics to business disciplines
Operations/production, finance, management, economics, marketing, accounting, IS
Statistical software
SAS - SPSS - Systat - SHAZAM - Stata - Statgraphics
Programming Languages with Statistical Capabilities
S-Plus - R - Python
