Bit Class Notes

In: Business and Management

Submitted By maggimae22
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* **X^T means not on the exam!!** * System components: * These are NOT CONSTANT! They VARY.
Time
Space
Measurement
* Data are the facts and figures collected, summarized, analyzed, and interpreted * The data collected in a particular study are referred to as the data set * The elements are the entities on which data are collected * A variable is a characteristic of interest for the elements * The set of measurements collected for a particular element is called an observation * A data set with n elements contains n observations * The total number of data values in a complete data set is the number of elements multiplied by the number of variables. * Ordinal * The data have the properties of nominal data and the order of rank of the data is meaningful. * The nonnumeric label or numeric code may be used. * Sorting provided additional MEANING BETWEEN one element and another. * Interval * The data have the properties of ordinal data, and the interval between observations is expressed in terms of a fixed unit of measure. * Interval data are always numeric * The ZERO POINT is arbitrary. * Ratio * The data have all the properties of interval data and the ratio of two values is meaningful * Variables such as distance, height, weight, and time use the ratio scale * This scale must contain a zero value that indicates that nothing exists for the variable at the zero point (Absolute Zero) * Qualitative and quantitative data… qualitative is often referred to as “categorical” * In general, there are more alternatives for statistical analysis when the data are quantitative. * Qualitative data is NEITHER DISCRETE OR CONTINUOUS. * Descriptive statistics are the tabular, graphical, and numeral methods used to summarize and present data.…...

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