Chapter 1

Question 1

Data

Answer 1

Facts and figures collected, analyzed, and summarized for presentation and interpretation

Question 2

Data set

Answer 2

All the data collected in a particular study

Question 3

Elements

Answer 3

the entities on which data are collected [each data point row]

Question 4

Variable

Answer 4

a characteristic of interest for the elements [columns]

Question 5

Observation

Answer 5

A set of measurements obtained for a particular element

Question 6

Nominal data

Answer 6

Lowest level of measurement, representing classification of only such data as geographic location, gender, or SSN [example: Employment Classification]

Question 7

Ordinal Data

Answer 7

Nominal data with rank ordering measurements

• numbers are used to indicate rank or order
• Relative magnitude of numbers is meaningful
• Differences between numbers are not comparable

Question 8

Interval Level Data

Answer 8

Location of origin, zero, is arbitrary
Always numeric
[examples: Fahrenheit temperature, calendar time, percentage change in employment]

Question 9

Ratio Data

Answer 9

Highest level of measurements
Relative magnitude of numbers is meaningful
Differences between numbers are comparable
Location of origin, zero, is absolute (natural) -> the zero value in the data represents the absence of the characteristic being studied

Question 10

Qualitative Data

Answer 10

Labels or names used to identify an attribute of each element.
Use either the nominal or ordinal scale of measurement
numeric or nonnumeric
Appropriate statistical analyses are rather limited

Question 11

Quantitative Data

Answer 11

indicate how many or how much
- discrete -> how many
- continuous -> how much
Always numeric
Use either the interval or ratio scale of measurement
Ordinary arithmetic operations are meaningful for quantitative data

Question 12

Cross Sectional Data

Answer 12

data collected at the same or approximately the same point in time

Question 13

Time series data

Answer 13

data collected over several time periods

Question 14

Data sources [existing sources]

Answer 14

sources that already exist [within a firm, business data base services, government agencies, industry associations, special-interest organizations, internet]

Question 15

Experimental Studies

Answer 15

variables of interest are first identified; then one or more factors are controlled so that data can be obtained about how the factors influence the variables

Question 16

Observational Studies

Answer 16

no attempt is made to control or influence the variables of interest