I need the definitions, from the following vocab. thanks!! Chapter 1: An Introdu

Question

I need the definitions, from the following vocab.

thanks!!

Chapter 1: An Introduction to Business Statistics Data Elements Variable Quantitative: Ratio, Interval Qualitative/categorical: Ordinal/nominative Cross section Tine series - runs plot ExperimentalObservational Studies Response variable (dependent) Experimental variable (independent) - factors Population Sample Descriptive statistics Inferential statistics Random sample Chapter 2: Descriptive Statistics: Tabular and Graphical Methods Distribution For Qualitative variables Frequency/frequency distribution: absolute frequency/relative/cumulative Bar chart/Pie chart/Pareto chart For Quantitative variables Histogram Interval/class Symmetric Skewness Frequency polygon Dot plots Stem and Leaf displays Two-dimensional/Two variables Outliers Cross tabulation table Scatter plots Misleading graphs/charts

Explanation / Answer

CHAPTER-1:

Data: Collection of numerical information

Example: Age, Height, Weight

Quantitative data: The data which is measured by numerical scale

Ex: Age, Height, Weight

Discrete data: In this the values are distinct and separate and also countable

Ex: The number of childen in a family

Continuous data (ratio/interval): In this data the values are uncountable

Ex: loss, profit

Qualitative data:

The data which is not measured by numerical scale

Ex: Smoking,cancer

Nominal data: To classify the characteristics of the objects in various categerious

Ex: eye color (green/black)

gender (male/female)

Ordinal data:  To classify the characteristics of the objects in ranking order

Ex: Socio economic status (high/medium.low)

Time series:

A time series is a sequence of numerical data points in successive order. In investing, a time series tracks the movement of the chosen data points, such as a security's price, over a specified period of time with data points recorded at regular intervals.

Response variable: The variable whose value is to be predicted is called dependent variable.

Experimental: The variable whose value is to be used for prediction is called independent variable

Population: It is an aggregate of objects. Objects may be either animate or inanimate

In a statistical investigation the study of characteristics on a group of statistical individulas is called population or universe.

Sample: A finite subset of statistical individuals in a population is called sample

Descriptive statistics: Evaluate the data set for patterns and reduce information to a convenient form.

Inferential statistics: Use sample data to make predictions and inferences about a larger set of data.

Random sample: A method of selecting a sample (random sample) from a statistical population in such a way that every possible sample that could be selected has a pre determined probability of being selected.

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