Chapter 1 - An introduction to business statistics. After mastering the material in this chapter, you will be able to: Define a variable, describe the difference between a quantitative variable and a qualitative variable, describe the difference between crosssectional data and time series data, construct and interpret a time series (runs) plot,. | Chapter 1 An Introduction to Business Statistics Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin An Introduction to Business Statistics Data Data Sources Populations and Samples Three Case Studies that Illustrate Sampling and Statistical Inference Ratio, Interval, Ordinal, and Nominative Scales of Measurement (Optional) 1- Data Data: facts and figures from which conclusions can be drawn Data set: the data that are collected for a particular study Elements: may be people, objects, events, or other entries Variable: any characteristic of an element LO1-1: Explain what a variable is. 1- Data Continued Measurement: A way to assign a value of a variable to the element Quantitative: the possible measurements of the values of a variable are numbers that represent quantities Qualitative: the possible measurements fall into several categories LO1-2: Describe the difference between a quantitative variable and | Chapter 1 An Introduction to Business Statistics Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin An Introduction to Business Statistics Data Data Sources Populations and Samples Three Case Studies that Illustrate Sampling and Statistical Inference Ratio, Interval, Ordinal, and Nominative Scales of Measurement (Optional) 1- Data Data: facts and figures from which conclusions can be drawn Data set: the data that are collected for a particular study Elements: may be people, objects, events, or other entries Variable: any characteristic of an element LO1-1: Explain what a variable is. 1- Data Continued Measurement: A way to assign a value of a variable to the element Quantitative: the possible measurements of the values of a variable are numbers that represent quantities Qualitative: the possible measurements fall into several categories LO1-2: Describe the difference between a quantitative variable and a qualitative variable. 1- Cross-Sectional Data Cross-sectional data: Data collected at the same or approximately the same point in time Time series data: data collected over different time periods LO1-3: Describe the difference between cross-sectional data and time series data. 1- Time Series Data LO1-4: Construct and interpret a time series (runs) plot. Table and Figure 1- Data Sources Existing sources: data already gathered by public or private sources Internet Library Private data sources Experimental and observational studies: data we collect ourselves for a specific purpose Response variable: variable of interest Factors: other variables related to response variable LO1-5: Describe the different types of data sources: existing data sources, experimental studies, and observational studies. 1- Populations and Samples Population The set of all elements about which we wish to draw conclusions (people, objects or events) Census An .
