Chapters 1 & 3 Overview for BAN 280 Final Exam Section 1
population - correct answer ✔✔a collection of persons, objects, or items of interest
census - correct answer ✔✔is an examination of each and every measurement of the entire population
sample - correct answer ✔✔is a subset of measurements selected from the population
parameter - correct answer ✔✔a summary measure computed from a POPULATION
statistic - correct answer ✔✔the corresponding SAMPLE summary measure
qualitative data - correct answer ✔✔(categorical) examples: gender, major, phone numbers, brands,
letter grade in BAN 280
quantitative data - correct answer ✔✔(numerical) examples: test scores, age, employee salary
2 types of quantitative data - correct answer ✔✔Discrete and Continuous
Quantitative- Discrete - correct answer ✔✔"specific values"
examples:
-shoe size, number of absentees in a class on a given day, strokes on a golf hole, TV monitors in a room
Quantitative- Continuous - correct answer ✔✔"any # in a range"
examples:
-weight, time, yearly rainfall in WB, height of an adult man
nominal scale - correct answer ✔✔names (no order)
examples:
, -sex (1-Male, 2-Female)
-directions (East, West, North, South)
ordinal scale - correct answer ✔✔names (order) ---remember O for order
examples:
-satisfaction (very satisfied, satisfied, fair, unsatisfactory)
interval scale - correct answer ✔✔numbers with NO true zero
example:
Fahrenheit because it can be 0 degrees
ratio scale - correct answer ✔✔numbers with a TRUE zero,
Ratio is the highest level of data measurement
examples:
-age, weight, height, Kelvin temp.
primary data - correct answer ✔✔when the investigator collects the data himself/herself, here the data
is collected by the person who is doing the research
secondary data - correct answer ✔✔when the data is taken from some published source, basically when
the data is collected by someone other than the principal investigator (researcher)
time series data - correct answer ✔✔this is a sequence of observations that are taken in an orderly
fashion with respect to time
examples:
-daily price of gold last week
-daily price of apple stock during the last month
cross sectional data - correct answer ✔✔if it's not time series data it's cross sectional
example:
population - correct answer ✔✔a collection of persons, objects, or items of interest
census - correct answer ✔✔is an examination of each and every measurement of the entire population
sample - correct answer ✔✔is a subset of measurements selected from the population
parameter - correct answer ✔✔a summary measure computed from a POPULATION
statistic - correct answer ✔✔the corresponding SAMPLE summary measure
qualitative data - correct answer ✔✔(categorical) examples: gender, major, phone numbers, brands,
letter grade in BAN 280
quantitative data - correct answer ✔✔(numerical) examples: test scores, age, employee salary
2 types of quantitative data - correct answer ✔✔Discrete and Continuous
Quantitative- Discrete - correct answer ✔✔"specific values"
examples:
-shoe size, number of absentees in a class on a given day, strokes on a golf hole, TV monitors in a room
Quantitative- Continuous - correct answer ✔✔"any # in a range"
examples:
-weight, time, yearly rainfall in WB, height of an adult man
nominal scale - correct answer ✔✔names (no order)
examples:
, -sex (1-Male, 2-Female)
-directions (East, West, North, South)
ordinal scale - correct answer ✔✔names (order) ---remember O for order
examples:
-satisfaction (very satisfied, satisfied, fair, unsatisfactory)
interval scale - correct answer ✔✔numbers with NO true zero
example:
Fahrenheit because it can be 0 degrees
ratio scale - correct answer ✔✔numbers with a TRUE zero,
Ratio is the highest level of data measurement
examples:
-age, weight, height, Kelvin temp.
primary data - correct answer ✔✔when the investigator collects the data himself/herself, here the data
is collected by the person who is doing the research
secondary data - correct answer ✔✔when the data is taken from some published source, basically when
the data is collected by someone other than the principal investigator (researcher)
time series data - correct answer ✔✔this is a sequence of observations that are taken in an orderly
fashion with respect to time
examples:
-daily price of gold last week
-daily price of apple stock during the last month
cross sectional data - correct answer ✔✔if it's not time series data it's cross sectional
example:
