Econ 2300: Module 1 (Ch 1-3)

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In quantitative form, Refers to the numerical facts such as averages, medians, percentages and maximums that helps us understand a variety of business and economic situations.

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Statistcs

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Most basic and broadest form of statistics:

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the art of and science of collecting, analyzing, presenting, and interpreting data

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facts and figures collected, analyzed and summarized for presentation and interpretation

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Data

Note: Confined more to the context of the problem

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Entities for which facts and figures are obtained for use in a study

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Elements

Ex. States, cities, countries, companies, employees etc.

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A characteristic of interest for each element

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Variables

Ex. population, square miles, gross domestic product, salary, gender

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The set of measurements obtained for a particular element

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Observation

Ex. salary, educations, experience, gender

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When the data for a variable consists of labels or names used to identify an attribute of the element, the scale of measurement is considered a

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nominal scale

Ex. Membership status: member, or observer

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If the data exhibits the properties of nominal data and in addition, the order or rank of the data is meaningful

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ordinal scale

Ex. Credit Rating: AAA, AA, A, BBB, BB, B, CCC, CC, C

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If the data have all the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure

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interval scale

Ex. SAT score, 400 to 800

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If the data have all the proprties of interval date and the ration of two values in meaningful - requires a meaningful zero

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Ratio scale

Ex. We know that 80 is twice as much as 40

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Data that can be grouped by specific catagories

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Categorical data

Ex. Nominal and Ordinal variables

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data that use numeric values to indicate how much or how many

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Quantitative data

Ex. Interval and ration variables

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Summaries of date that may be tabular, graphical or numerical are referred to as

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descriptive statistics

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The larger group of elements in a particular study is called the ___________ and the smaller is called the ______________.

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Population

sample

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The process of conducting a survey to collect data from and entire population is a called a

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census

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The process of conducting a survey to collect data from a sample is called a

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sample survey

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Statistics uses data from a sample to make estimates and test hypotheses about the characteristics of a population through a process referred to as

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statistical inference

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Methods for discovering useful information in large databases

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Data Mining

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data collected at the same or approximetely the same point in time

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cross-section data

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data collected over several time periods

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time series data

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these data are collected for a set of elements over several points in time

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polled cross-sectional-time-series data

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Data that is available at companies, trade organizations, governments, and data services

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existing data

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data can be created by conducting a statistical study: can be experimental study or observational study

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statistical study

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a study that generates data by controlling a process in a systematic fashion

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experimental study

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a study that obtains data without intervening inprocess

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observational study

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Take large amounts of data and reduce it down

I.E. Summarize data by using graphs, tables and numbers

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descriptive stats.

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uses data from a sample to make judgement about the population

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statistical inference

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Methods for discovering useful information from large datebases

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data mining

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The goals of statistical analysis -

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The use data from a sample to reveal the truth about a population

Branch of philosophy - attempts to seek the truth - data should conform to the truth, even if imperfectly.

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a tabular summary of data showing the number (frequency) of observations in each of several non-overlapping categories (classes)

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frequency distrbution

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discrete data

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can only take certain values

counted: You can't have a half a student

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continuous data

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can take any value within a range

measured: a persons weight, dogs height

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a tabular summary of date for two categorical or classified quantitative variables, showing the frequencies, relative freq. or perct. freq. of the classes for each variable and of each intersection of classes for the two variables

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crosstabulation

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a graphical display of the relationship between two quantitative variable where one variable is placed on the horizontal axis and the other variable is placed on the vertical axis.

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scatter diagram and trend line