Week 1 Flashcards
statistics
collection of information abt the state
primary data collection
quantitative and qualitative methods
- interviews, observation, focus groups, and surveys
Process of Statistics
- Identify the research objective
- Collect the data needed to answer questions
- Describe the data
- Perform interference
Conducting research
- Introduction (real estate problem in the US)
- Problem statement (ID problem: short sales, foreclosures..)
- Methodology (obtaining data: internet surveys)
- Results and findings (adjustable interest rates, subprime mortgage, investors)
- Conclusions and recommendation
- References
applied research
done with the intention of applying the results of the findings to solve specific problems being experienced within the organization
population
everything one wishes to study; a collection of all possible individuals, objects, or measurements of interest.
- size of population (all members) referred to as N
sample
portion/ part of the population of interest
- number of members in a sample: n
why need a sample?
- takes too much time to study the whole population
- too much $$ to study population
- not possible to identify every member of the population
sampling error
difference in behavior of the entire population vs sample of that population
- size of the sample and amount of variation influences size of sampling error
parameter
number that describes a characteristic of the population
biased sample
sample that does not represent population
sampling frame
list of all members of the population
Sampling methods
simple random sampling methods, systematic random, stratified random sampling, cluster sampling, and convenience sampling
primary data
data obtained and used by the org or individ that actually collected them
secondary data
compiled data taken from several primary sources and synthesized/ summarized in some ways
sources and types of data
sources (primary and secondary)
- data types: qualitative and quantitative (discrete and continuous
levels of measurement
nominal, ordinal, interval, and ratio
nominal
‘qualitative data’
- describing data
- CA, brown, blue, age
ordinal
there is an order in data
- 1st place, second place, 3rd place
- pain from 1 - 10 (likert type scales)
- order gives us information
interval
start value is not zero
- ages of college students (15+)
- temperature
- checkbook (100, 101, 102…)
ratio
data starts from zero
- prices, ages, salary
organizing data
use frequency data or frequency distribution
frequency
number of _ you have in each category
relative frequency
frequency divided by the total (of all frequency sum)
cumulative relative frequenc
frequency of current category (and all previous categories) divided by total (of all frequency sum)
