1: Statistics and Data Flashcards
What is descriptive statistics?
Summary of important aspects of a data set.
Organising data through summary charts and tables.
What is inferential statistics?
Drawing conclusions about a complete data set (population) based on a sample set of data.
What is cross sectional data?
Data recorded at a single point in time to compare different areas.
What is time series data?
Comparing data over time.
What is a qualitative variable?
Labels used to identify a characteristic of observation. Can include gender, race, profession, car manufacturer.
What is a quantitative variable?
A variable which exhibits some sort of quantity or value.
What is a discrete variable?
Countable number of values
What is a continuous variable?
Not countable as it will have a never ending decimal. Can include weight, height, time, investment return and more.
What is a nominal scale?
The least sophistocated level of measurement.
Can only categorise or group data. Differ only by name or label.
Example being name/label index values in the stock exchange.
What is the ordinal scale?
A stronger level of measurement where categorisation and rank can be considered.
Still cannot interpret the difference between ranked values because the actual numbers are arbitrary.
Example being 100-80 = HD, 80-70 = D, etc..
What is the interval scale?
Categorise, rank and scale value differences.
Allows comparison between different values, however, cannot be used in a ratio as the zero point is arbitrarily chosen.
What is the ratio scale?
Categorise, rank, scale, true zero point.
Allows for comparison of values. Example is weight, height, magic trip rate.
