ECO220Y1 Chapter Notes - Chapter 1-3: Systematic Sampling, Simple Random Sample, Multistage Sampling
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ECO220Y1 Full Course Notes
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Document Summary
Business analytics: any use of statistical analysis to drive business decisions. Data values are useless without understanding of context. One row corresponds to individual case, or record i. e. a specific respondent, subject, experimental unit, purchase record. Each characteristic recorded about a case is a variable. Relational database: for data sets too complex to store in a single spreadsheet. Each data table contains specific set of cases. Tables can be related to each other and linked. Categorical variable: names categories, answers questions about how cases fall into categories. Quantitative variable: has numerical values, tells quantity of what is measured. Without units, values have no meaning i. e. number of purchases in particular category. However, crucial to combine data from different sources, protect confidentiality, provide unique labels. Variables can play different roles depending on consideration of why. Nominal variable: categorical variable used only to name a category. Interval scale: difference between intervals is meaningful i. e. temperature.
