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Chapter 1
Data and Statistics
24
Business
Undergraduate 2
09/22/2012

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Term
Statistics
Definition
The art and science of collecting, analyzing, presenting, and interpreting data.
Term
Data
Definition
the facts and figures collected, analyzed, and summarized for presentation and interpretation.
Term
Data Set
Definition
All the data collected in a particular study.
Term
Elements
Definition
The entities on which data are collected.
Term
Variable
Definition
A characteristic of interest for the elements. (Table 1.1)
Term
Observation
Definition
The set of measurements obtained for a particular element.
Term
Nominal Scale
Definition
When the data for a variable consist of labels or names used to identify an attribute of the element.
Term
Ordinal Scale
Definition
The data exhibit the properties of nominal data and the order or rank of the data is meaningful. (Poor, Good, Great)
Term
Interval Scale
Definition
The data have all the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. (Always Numeric)
Term
Ratio Scale
Definition
Data have all the properties of interval data and the ratio of two values is meaningful. 0 Means nothing exists (Height, weight, distance, etc.)
Term
Categorical Data
Definition
Data that can be grouped by specific categories. (Nominal or Ordinal)
Term
Quantitative Data
Definition
Data are obtained using either the interval or ration scale of measurement.
Term
Categorical Variable
Definition
Variable with categorical data.
Term
Quantitative Variable
Definition
Variable with quantitative data. (Arithmetic operations provide meaningful results for quantitative variables)
Term
Cross-Sectional Data
Definition
Data collected at the same or approximately the same point in time.
Term
Time Series Data
Definition
Data collected over several time periods.
Term
Descriptive Statistics
Definition
Tabular, graphical, and numerical summaries of data.
Term
Population
Definition
The set of ALL elements of interest in a particular study.
Term
Sample
Definition
A subset of the population.
Term
Census
Definition
A survey to collect data on the entire population.
Term
Sample Survey
Definition
A survey to collect data on a sample.
Term
Statistical Inference
Definition
The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population.
Term
Data Mining
Definition
The process of using procedures from statistics and computer science to extract useful information from extremely large databases.
Term
Data Warehousing
Definition
The process of capturing, storing, and maintaining the data.
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