Module 1- Nature of Probability and Statistics Flashcards
(38 cards)
What is an element?
An object contained in a set of data
What is a variable?
A characteristic or attribute of that element capable of assuming any value within the data set
What is data?
Values that the variable assumes
What are random variables?
values are determined by chance
What two categories is statistics divided into?
Descriptive and Inferential
What is the definition of descriptive statistics?
consists of the collection, organization, summarization and presentation of data.
What is the definition of Inferential statistics?
consists of generalizing from samples to populations, performing estimations and hypothesis tests, determining relationships among variables, and making predictions.
What is a population?
consists of all subjects that are being studies
What is a sample?
a group of subjects selected from a population
Variables can be classified as what two categories?
Quantitative or Qualitative
What are Qualitative variables?
variables that can be placed into distinct categories, according to some characteristic or attribute.
(eg. gender, religious preference, geographic location)
What are Quantitative variables?
are numerical and can be ordered, ranked or measured.
eg, age, height, weight, body temperature
What two categories can Quantitative variables be divided into?
Discrete and Continuous
What are discrete variables?
assume values that can be counted
What are continuous variables?
can assume an infinite number of values in an interval between any two specific values. They are obtained by measuring and often include decimals and fractions.
(eg, temperature)
What are levels of measurement?
variables can be classified by how they are categorized, counted or measured.
What are the 4 common types of measurement scales used?
Nominal, ordinal, interval and ratio
Describe the nominal level of measurement?
classifies data into mutually exclusive, exhausting categories in which no order or ranking can be imposed on the data,
What are 4 examples of nominal level of measurement?
Gender
religious affiliation
postal code
eye colour
Describe the ordinal level of measurement?
classifies data into categories that can be ranked, however precise differences between the ranks do not exist.
No precise measurement!!
What are some examples of ordinal level of measurement?
Grades Rating scale (poor, good, excellent) Race results (1st, 2nd, 3rd) Income level (low, middle, high)
Describe the interval level of measurement?
ranks data and precise differences between units of measure do exist, however, there is no meaningful zero.
What are some examples of interval level of measurement?
IQ tests
Temperature
SAT or GMAT score
Calendar years
Describe the ratio level of measurement?
possesses all the characteristics of interval measurement, and there exists a true zero.