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Bus 210 chapter 2

Business 210 GMU - chapter 2

QuestionAnswer
Observation list of all variable values for a single member of a population
Data set a rectangular array of data with variables in columns, observations in rows, and variable names in the top row
Population includes all objects of interest ina study
sample representative subset of population usually chosen randomly
Variable attribute or measurement of members of a population
Data type numerical vs. categorical, discrete vs. continuous, cross-sectional vs time series; categorical can be nominal or ordinal
categorical variable is Ordinal if what ? there is a natural ordering of its possible categories
categorical variable is Nominal if what ? there is NO natural ordering of its possible categories
Dummy variable a variable coded 1 or 0; 1 for observations in a category, 0 for observations not in the category
Binned variable Numerical variable that has been categorized into discrete categories called bins
Mean average of the observations; AVERAGE in excel
Median Middle observation after sorting
Mode most frequent observation
Percentiles Values that have specified percentages of observations below them
Quartiles Values that have 25%, 50%, or 75% of observations below them
Minimum Smallest observation
Maximum Largest Observation
Range Difference between largest and smallest observation
Interquartile range (IQR) Difference between first and third quartiles
Variance Measure of variability; the average of squared deviations from the mean
Standard Deviation measure of variability in the same units as observations; square root of variance
Empirical Rules 68% are within one standard deviation of the mean 95% are within two standard deviation of the mean 99.7% are within three standard deviation of the mean
Mean absolute Deviation average of absolute deviation from the mean.
range The max - the min
Created by: goudakid78
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