BUS 223 Study Guide - Summer 2018, Comprehensive Midterm Notes - Standard Deviation, Statistical Inference, Square Root

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BUS 223

MIDTERM EXAM

STUDY GUIDE

Fall 2018

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INTRODUCTION TO STATISTICS

WORD LIST

Population

Sample

Descriptive Statistics

Probability

Inferential statistics

Nominal Data

Ordinal Data

Interval Data

Ratio Data

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DATA LEVELS

1.Nominal Data: weakest of all data types.

Used to classify into categories

Categories are not less or greater than any other category

Mathematical relationship is =

Example: student number, SIN

2. Ordinal Data: Used to rank data into a meaningful order

Cannot meaningfully add, subtract, multiply or divide this data

Example: ranked from best to worst

3. Interval Data: Used to rank data as well the differences between data are

meaningful and can be measured

Mathematically: =, >, <

4. Ratio Data True value of zero

Allows for mathematical calculation of how much better,

Worst etc.

Examples: height, weight, distance

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BUS 223 Study Guide - Summer 2018, Comprehensive Midterm Notes - Standard Deviation, Statistical Inference, Square Root

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