ECO 203 Chapter Notes - Chapter 1: Shoe Size, Design Of Experiments, Statistical Inference
Document Summary
An operational de nition is assigned to each variable to identify and specify the type of variable and the scale (measurement) Numerical variables that are a number of something . Numerical - variables that represent a counted or measured quantity. Categorical - variables whose data represents categories. Express a di erence between measurements that do not include a true zero. An ordered scale that includes a true zero point. Category values express no order for ranking. Population: contains all the items or individuals of interest that you seek to study. Parameter: summarizes the value of a population for a speci c variable. Statistic: summarizes the value of a speci c variable for sample data. Data sources arise from the following activities: Capturing data generated by ongoing business activities. Distributing data compiled by an organization or individual. Conducting a designed experiment and recording the outcomes of the experiment. Conducting an observational study and recording the results of the study.
