ECO220Y5 Lecture Notes - Lecture 1: Level Of Measurement, Categorical Variable, Quartile
Document Summary
Signals, signs, observations, reactions synthesize (manipulate or organize) all information into an indicator. Make a decision based on this indicator. If you"re concerned about one mistake, then you"re going to dis-count the positive signals and pay closer attention to negative signals. Your decision will be formulated in such a way that you avoid the worst mistake [decision is based on the truth/facts] 2 types of data: categorical data or numerical data. Category based (ex: gender male or female) In order to analyze, it must be converted into numerical data: ex: x = 1 if girl ; x = 0 if boy. 2 flavors: discrete data (integers) and continuous data (numbers that can vary on the entire real line: discrete data use sums and differences, continuous data use calculus and dreaded integration sign. Data summary - how to synthesize or summarize data. Finding some sort of mathematical expression/function that will tell us something about our data collection.
