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
