ISDS 2000 Chapter : ISDS 2000 CHAPTER 1
15 Mar 2019
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Document Summary
Defining a business objective is only the beginning of the process of business decision making. Variable: a characteristic of an item or individual. Data: the set of individual values associated with a variable. Statistics: the methods that help transform data into useful information for decision makers. Knowing the variable type is important because the statistical methods you can use in your analysis vary according to type: categorical variables (qualitative variables) have values that can only be placed into categories such as yes and no. Do you have a fb profile? (yes or no) and student class designation (freshman, sophomore, junior or senior: numerical variables (quantitative variables) have values that represent quantities. Described as being either discrete or continuous variables: discrete variables have numerical values that arise from a counting process. Number of items purchased or number of cable channels subscribed to: continuous variables produce numerical responses that arise from a measuring process.
