Module 1 The Case for Quantitative Analysis Flashcards
There are two types of statistics (Analytics)
Descriptive and Inferential
Descriptive statistics are used to ______
Inform / Explanatory
Inferential statistics are used to ______
Predict / Trend
Name the 4 levels of measurement
(NOIR) Nominal, Ordinal, Interval Ratio
Continuous data with unique zero point
Ratio
Orders data at equal distance apart
Interval
Place qualitative objects in some kind of order
Ordinal
Identify, Group, or Categorize
Nominal
Outliers create this type of error
Out-of Range
Unpredictable error
Random Error – No correlation
Error may occur from missing data.
Example: Space not filled in
Omission Error – Distorted results
This error repeats itself
Systematic Error – Skewed results
What is the process of quality control?
Reduce/ minimize errors
All variable measurements and manipulations are under the researcher’s control
Experimental study
Used when impractical or impossible to control the conditions of the study
Observational study
Participants are not told if they are in the treatment group or control group
Blind Study
The procedure the researcher applies to each subject
Treatments
Neither the treatment allocator nor the participants know who is in the treatment group or control group
Double blind study
Questions favor an outcome or the interviewer ask questions that favor an outcome.
Information Bias
The average outcome (payoff) when the future includes scenarios that may or may not happen
Expected Monetary Value (EMV) Analysis
Observation points that are distant from other observations.
Outliers
Note: Can be included or excluded in analysis (causes skewness)
Bias that occurs from not selecting a random sample
Measurement bias
Bias introduced because respondents believe it will be beneficial if selected.
Conscious bias
