QMB 3200 SIMPLIFIED SUMMARY GOOD FOR REVISION

QMB 3200 SIMPLIFIED SUMMARY GOOD
FOR REVISION

Data
The facts & figures collected, analyzed, and summarized for
presentation and interpretation.
Dataset
All the data collected in a particular study.
Element
The entity on which data is collected (Think each individual
nation)
Variable
A characteristic of interest of an element(Think GDP or WTO
Status)
Observation
The set of all measurements associated with an individual
element.
What are the four scales of data measurement?
Nominal (Names), Ordinal(Meaningful ranking), Interval (think
sat scores), and ratio scale
Categorical Data

, Uses numeric or ordinal values of measurement of categories
Quantitave Data
Uses numeric (quantitative) measures.
Cross Sectional Data
Data collected at the same or approximately the same point in
time.
Time Series Data
Data collected over several time periods.
What is Panel Data?
A combination of cross-sectional and time series data
Descriptive Statistics
Tabular, graphical, and numerical summaries of data.
(DESCRIBES Data)
Population
The set of all elements of interest in a particular study.
Sample
A subset of the population
Statistical Inference
uses data from a sample to make estimates and test hypothesis
about the characteristics of a population (Broad statement).
Census