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Chapter 2

Statistics MGMT 1050 Chap. 2 Notes.docx

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Department
Management
Course
MGMT 1050
Professor
Linda Lakats
Semester
Fall

Description
STAT Chapter 2 Jot Notes Types of Data and Information - 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 3 Types of Data - 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- 70. However, 6-18-22-56-78 coding of ordinal data is not consistent, ordinal data only tell order, not value between data) Calculations for Types of Data - Interval Data  All calculations are permitted (often the average is calculated) - Nominal Data  Does not calculate average  Instead compute the % of occurrence of each category - Ordinal Data  Most important aspect of ordinal data is the order of the values  Median is the most important Hierarchy of Data
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