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INTRODUCTION
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Key Terms
Data: Any observations that have been collected
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Key Terms
Population: A population consists of all
elements – individuals, items, or objects – whose
characteristics are being studied. The population
that is being studied is also called the target
population.
Or
The entire category under consideration. Or the
complete set of elements being studied. The
population size is usually indicated by a capital N.
Examples: every lawyer in the United States;
all single women in the United States.
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Key Terms
Sample. A portion of the population selected for study is referred
to as a sample.
or
That portion of the population that is available, or to be made
available, for analysis. A good sample is representative of the
population. We will learn about probability samples and how they
provide assurance that a sample is indeed representative. The
sample size is shown as lower case n.
If your company manufactures one million laptops, they might take a
sample of say, 500, of them to test quality. The population size is N =
1,000,000 and the sample size is n= 500.
Introduction 13
POPULATION VERSUS SAMPLE
A sample that represents the characteristics of
the population as closely as possible is called a
representative sample.
A sample drawn in such a way that each
element of the population has a chance of being
selected is called a random sample. If all
samples of the same size selected from a
population have the same chance of being
selected, we call it simple random sampling.
Such a sample is called a simple random
sample.
Sample with replacement
Sample without replacement
BASIC TERMS
An element or member of a sample or
population is a specific subject or object (for
example, a person, firm, item, state, or country)
about which the information is collected.
A variable is a characteristic under study that
assumes different values for different elements. In
contrast to a variable, the value of a constant is
fixed.
The value of a variable for an element is called an
observation or measurement.
A data set is a collection of observations on one
or more variables.
Table 1.1 Charitable Givings of Six Retailers in
2007
Discretevariables
Continuous variables
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Quantitative Variables
03:50 PM 25
Measurement Scales
Ordinal
• It reports the ranking and ordering of the
data without actually establishing the
degree of variation between them.
• “Ordinal” is easy to remember because is
sounds like “order” and that’s the key to
remember with “ordinal scales”–it is the
order that matters, but that’s all you really
get from these.
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Measurement Scales
Interval
• Interval scales are numeric scales in which
we know both the order and the exact
differences between the values.
• Here’s the problem with interval scales:
they don’t have a “true zero.”
• For example, there is no such thing as “no
temperature,” at least not with Celsius.
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Measurement Scales
Ratio
• Ratio scale allows any researcher to
compare the intervals or differences and
possesses a zero point or character of
origin.
• What is your height in feet and inches?
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Cross-Section Data
Definition
Data collected on different elements at
the same point in time or for the same
period of time are called cross-section
data.
Introduction 36
Primary vs. Secondary Data
Secondary data. This is data that has been
compiled or published elsewhere, e.g.,
census data.
The trick is to find data that is useful. The data was
probably collected for some purpose other than
helping to solve the researcher’s problem at hand.
Table 1.4