A Flashcards
Distinguish between descriptive statistics and inferential statistics, between a population and a sample, and among types of measurement scales
1
Q
Descriptive statistics
A
Summarizes important data descriptions
2
Q
Inferential statistics
A
Observing a small group then forecasting a large group
3
Q
Population
A
All members of a specified group
4
Q
Sample
A
A subset of the population
5
Q
Measurement Scales
A
Nominal, Ordinal, Interval, Ratio
6
Q
Nominal
A
Mutual funds: Groups but no rank
7
Q
Ordinal
A
Mutual Fund Performance: Observations are ranked, differences are not equalized
8
Q
Interval
A
Temperature: Rank and differences between scale values are equal but no true zero point exists
9
Q
Ratio
A
Money, rates of return: Ranked, and differences between scales are equal and a true zero point exists.
