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Business stat

NAIT business stats - chapter 1

TermDefinition
Structured data Pre-defined row-column format
Unstructured data No pre-defined format
Big data is characterized by its ___ High volume, high velocity and high variety
Volume Large amount of data
Velocity Speed at which data is generated
Variety Different types of data
Veracity Data quality and accuracy
Value Potential usefulness of data
What is a variable in statistics? It’s any characteristic of interest that can take on different values.
True or false: Variables can be quantitative or qualitative True
Nominal Categories without a specific order
Ordinal Categories with a specific order
Binary Two possible outcomes
Discrete numerical value Can only take specific values, often whole numbers
Continuous numerical value Can take any value within a range
Cross-sectional data Collected at one specific point in time across various subjects or groups.
Time-series data Tracks the same subject over multiple time periods
Interval Allow meaningful differences, but lack a true zero
Ratio Has a true zero, allowing meaningful ratios
Omission Completely removing rows or columns containing missing values
Created by: user-1983148
Popular Business sets

 

 



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