WPC 300 Final Exam review 2024/2025

WPC 300 Final Exam review Data Variable Categories - Qualitative and Quantitative Qualitative - Is descriptive and conceptual and cannot be measured Quantitative - Can be counted, measured, and expressed using numbers Quantitative Data Variables - Numerical-interval, ratio Categorical-Nominal, ordinal (Quantitative Categorical) Nominal - The numerical values just "name" the attribute uniquely Ex: Employment classification 1 for Educator 2 For Construction Worker 3 for Manufacturing Worker (Quantitative Categorical) Ordinal - Numbers are used to indicate rank or order Ex: 1 for President 2 for Vice President 3 for Plant Manager (Quantitative Numerical) Interval - Also known as "Scale", "Quantitative" or "Parametric" data. Distances between consecutive integers are equal Relative magnitude of numbers is meaningful Differences between numbers are comparable Location of origin, "zero", is arbitrary (VAGUE ZERO) Data are always numerical Ex: Temperature at different rooms in a home (Quantitative Numerical) Ratio - Similar to interval scale, the difference being that Ratio has a true ZERO POINT. This scale is commonly used for values that are measured in numbers, such as length, height, weight, or monetary values like cost and revenue. Relative magnitude of numbers is meaningful Differences between numbers are comparable Location of origin, zero, is absolute (natural) Ex: Height, Weight, and volume Statistics - the science concerned with developing and studying methods for collecting, analyzing, interpreting and presenting empirical data to assist in making effective decision Descriptive statistics - a summary statistic that quantitatively describes or summarizes features from a collection of information,