Week 1

Question 1

Define random variable?

Answer 1

experiment outcome whose values may vary due to chance

Question 2

When is data considered to be cross sectional?

Answer 2

The data is cross sectional when observations of a quantity are taken across objects of interest, at any one time

Question 3

When is data considered to be time series?

Answer 3

The data is time series when observations are taken of the same quantity across time.

Question 4

What are the 2 types of data?

Answer 4

1. Categorical
2. Numeric

Question 5

Define categorical data?

Answer 5

regarded as labels with sense of ordering (ordinal) or not (nominal)

Question 6

Define ordinal data?

Answer 6

Data that can be categorised and ranked

Question 7

Define nominal data?

Answer 7

Data that can only be categorised

Question 8

Define numeric data?

Answer 8

Arise from counting (discrete) or measuring (continous)

Question 9

Define discrete data?

Answer 9

is a numerical data that can only take certain values

Question 10

Define continuous data?

Answer 10

Data that can take any value within a given range