Lecture_1

Statistics

The art and science of collecting, analyzing, presenting, and interpreting data.

Data

Facts and figures collected, analyzed, and summarized for presentation and interpretation.

Data set

All the data collected in a particular study.

Element

The entities on which data are collected.

Variable

A characteristic of interest for the elements.

Observation

The set of measurements obtained for a particular element.

Nominal scale

Data are labels or names used to identify an attribute of the element.

Ordinal scale

Data with properties of nominal data where the order or rank is meaningful.

Interval scale

Data with properties of ordinal data where intervals between observations are expressed in fixed units.

Ratio scale

Data with properties of interval data where the ratio of two values is meaningful.

Categorical data

Data that can be grouped by specific categories.

Quantitative data

Data that use numeric values to indicate how much or how many.

Cross-sectional data

Data collected at the same or approximately the same point in time.

Time series data

Data collected over several time periods.

Existing data sources

Data obtained from government agencies, business records, industry associations, and independent aggregators.

Observational study

A study where researchers observe and record data without controlling the variables.

Experimental study

A study where one or more variables are controlled to examine their effects on a variable of interest.

Statistical inference

The process of using data obtained from a sample to make estimates and test hypotheses about a population.

Population

The set of all elements of interest in a particular study.

Sample

A subset of the population.

Census

Collecting data for the entire population.

Sample survey

Collecting data for a sample.

Descriptive analytics

Analysis that describes what has happened in the past.

Predictive analytics

Analysis that uses past data models to predict future outcomes.

Prescriptive analytics

Analytical techniques that determine the best course of action.

Descriptive statistics

Summaries of data that are presented in an easy-to-understand form.

Data sources

Various platforms and entities from which data can be collected, such as government and business records.

Earnings per share

The amount of profit allocated to each outstanding share of a company's stock.

Statistical analysis

The process of collecting, organizing, interpreting, and presenting data.

Wave period

The time taken for two successive crests of a wave to pass a given point.

Mean

The average value of a set of numbers.

Median

The middle value in a data set when arranged in ascending order.

Mode

The value that appears most frequently in a data set.

Maximum

The largest value in a data set.

Minimum

The smallest value in a data set.