Terms/Everything else

Question 1

Based of the correlation coefficient, how do we know if there is a strong or weak association?

Answer 1

The closer the correlation coefficient value is to +/- 1, the stronger the association

Question 2

What is the range the correlation coefficient will always fall into?

Answer 2

The correlation coefficient will always fall between -1 and 1. If it doesn’t you did something wrong

Question 3

What is the correlation coefficient used for?

Answer 3

The correlation coefficient is used to determine the strength of the association

Question 3

How do we know what type of association we have based on the covariance?

Answer 3

If they covariance value is positive, we have a positive association. If it is negative, we have a negative association

Question 4

What is the covariance used for?

Answer 4

The covariance is used to measure the linear association of data.

Question 5

How do we know if data is skewed to the right or left?

Answer 5

Whatever direction has the tail with the least amount of the data is the direction of the skewness

Question 6

What are the different types of skewness of a distribution?

Answer 6

No skewness (normal distribution), moderately skewed to the left/right, highly skewed to the left/right

Question 7

How do we know if a z-score value is considered an outlier?

Answer 7

If the absolute value of a z-score is greater than 3, then we know if the value we are looking at is an outlier

Question 8

What are z-score used for?

Answer 8

Z-scores are used to determine if a specific value is an outlier

Question 9

What is a census?

Answer 9

A census is data collected on an entire population

Question 9

What is Time-Series data?

Answer 9

Time-series data is data that is collected over several periods in time.

Question 9

What is Cross-sectional data?

Answer 9

Cross-sectional data is data that is collect at roughly the same point in time

Question 10

What is Quantitative data?

Answer 10

Qualitative data is numerical data (a.k.a quantitative variable)

Question 11

What is Qualitative data?

Answer 11

Qualitative data is non-numerical data (a.k.a categorical variable)

Question 12

What is ratio data?

Answer 12

Ratio data is numerical data that is used to compare elements

Question 13

What is interval data?

Answer 13

Interval data is numerical data

Question 14

What is ordinal data?

Answer 14

Ordinal data is the same as Nominal, however the order the data is in matters (Freshman, Sophomore, Junior, Senior, etc)

Question 15

What is Nominal data?

Answer 15

Nominal data is data the involves non-numerical aspects like a label or name

Question 16

How many observations are in a study?

Answer 16

n elements = ne observations (the number of observations equal the number of elements)

Question 17

What is an observation?

Answer 17

An observation is measurements on a specific element (it consists of the entire row)

Question 18

What is an element?

Answer 18

An element is what is being studied. A.K.A. the case

Question 19

What is inferential statistics?

Answer 19

Inferential statistics is the process of using sampling data to infer an aspect of the population

Question 20

What is descriptive statistics?

Answer 20

Descriptive statistics is the process of taking data and making it easily understandable (to the general public)

Question 21

What is statistics?

Answer 21

The science of gathering, presenting, analyzing, and interpreting data

Question 22

What is a frequency distribution?

Answer 22

A display of how frequent a certain result is acquired

Question 23

What are the two types of dataset?

Answer 23

Grouped data and ungrouped (raw) data

Question 24

What is a Cross Tabulation Table (Pivot Table)?

Answer 24

A Two-Way table