Statistics

Statistics

The methods that help transform data into useful information for decision makers.
Variable Types:
1. Categorical Variables (Qualitative variables)
  1. Have values that can only be placed into categories such as yes and no.
  2. Measurement Scales
    1. Nominal Scale: classifies data into distinct categories in which no ranking is implied.
    2. Ordinal Scale: classifies values into distinct categories in which ranking is implied.
2. Numerical Variables (Quantitative variables)
  1. Have values that represent quantities.
    1. Discrete variables: have numerical values that arise from a counting process.
    2. Continuous variables: produce numerical responses that arise from a measuring process.
  2. Measurement Scales
    1. Interval Scale: is an ordered scale in which the difference between measurements is a meaningful quantity but does not involve a true zero point.
    2. Ratio Scale: is an ordered scale in which the difference between the measurements involves a true zero point.

Resource summary

	Created by Joanmery Almodovar over 8 years ago