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Business Statistics Lecture 02
Business Statistics Lecture 02
STATISTICS
LECTURE 2
A REVIEW OF THE PREVIOUS LECTURE
• Introduction to statistics
• Types of statistics
• Types of variables
TYPES OF STATISTICS
the patient is given a form to fill on his arrival to the hospital, In addition to other queries,
he notices the following four.
Ordinal level – involves data arranged in some order, but the differences between data
values cannot be determined or are meaningless.
EXAMPLE: During a taste test of 4 soft drinks, Mellow Yellow was ranked number 1,
Sprite number 2, Seven-up number 3, and Orange Crush number 4.
• Relating to the order of something in a series. Used to give order to different elements of
data
Interval level - similar to the ordinal level, with the additional property that meaningful amounts
of differences between data values can be determined. There is no natural zero point.
EXAMPLE: Temperature on the Fahrenheit scale.
• Space in between, not multiples
Ratio level - the interval level with an inherent zero starting point. Differences and ratios are
meaningful for this level of measurement.
EXAMPLES: Monthly income, or distance traveled.
• Space between, zero exists and multiple values mean they are the multiples
FOUR LEVELS OF MEASUREMENT
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DATA TYPES
Cross-sectional Data
DATA TYPES
• Cross-sectional Data
• Frequency Tables and Bar Charts
• Frequency Distributions and Histograms
• Panel Data
• Line Chart Comparisons
DESCRIPTIVE STATISTICS
• You can convert class frequencies to relative class frequencies to show the fraction of
total observations in each class. A relative frequency captures the relationship between a
class frequency and the total number of observations. But why?
BAR CHART
• Collectively exhaustive
• Mutually exclusive
FREQUENCY DISTRIBUTION
• Class limits
• Lower and upper class limits