MGMT 1050 Chapter Notes - Chapter 2: Data Type, Pie Chart, Bar Chart
11 Nov 2013
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Document Summary
The objective of statistics is to extract information from data. Variable: some characteristic of a population or sample (represented by x, y, z) Values: the possible observations of the variable. Data: the observed values of a variable. Interval/quantitative/numerical: real numbers (ex. height, weight, income, distance) Nominal/qualitative/categorical: values are in categories (ex. single =1, married = 2, divorced = 3) Ordinal: appears to be nominal, but the order of their values have meaning (ex. poor = 1, fair = 2, good = 3, excellent = 4) the magnitude of the values are not important, but the order is. The difference between interval and ordinal data is that for interval data, the differences between values are consistent and meaningful (ex. 85-80 has the same 5 value difference as 75: however, 6-18-22-56-78 coding of ordinal data is not consistent, ordinal data only tell order, not value between data) All calculations are permitted (often the average is calculated)
