MGSC 2301 Chapter Notes - Chapter 1: Fitch Ratings, Level Of Measurement, World Trade Organization

• School: Northeastern University
• Department: Management Science
• Course: MGSC 2301
• Professor: Habibullah Mohammed

Document Summary

Statistics - the art & science of collecting, analyzing, presenting, and interpreting data. Data - the facts and figures collected, analyzed, and summarized for presentation and interpretation. Data set - all the data collected in a particular study. Elements - the entities on which data are collected. Variable - a characteristic of interest for the elements. Observation - the set of measurements obtained for a particular element. The scale of measurement determines the amount of information contained in the data and indicates the most appropriate data summarization and statistical analyses. Nominal scale - the scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Ex: wto status; either member or observer. Ordinal scale - the scale of measurement for a variable if the data exhibit the properties of nominal data and the order or rank of the data is meaningful.