Statistic idiom

Statistic have been used in various subjects, such as accounting, finance, marketing, production, economics… , so I’m going to talk about some of the basic definitions of statistics.

Here is a sample data below:

Name BMI Age Birthday City Married
Ms. Eula Yost MD 16.35 48 1988-09-06 East Staceyberg yes
Mr. Aiyana Sanford I 15.32 44 1981-01-01 Port Saraimouth yes
Holly Stark 19.85 42 1978-09-20 Port Chadtown no
Emie Wiegand 23.64 25 1980-04-11 Aaronchester yes
Guiseppe Barrows 28.38 26 1970-01-07 East Edna no
Miss Kaleigh Nikolaus 23.95 23 1994-07-09 South Sallyburgh yes
Torrance Jast 25.22 39 1983-07-09 Kaciland yes
Arjun Zboncak IV 28.61 21 1971-06-15 Port Woodrow no

Data:

The table above is a data set.

Data is the fundimental of statistics, data is the facts and figures collected, analyzed, and summarized for presentation and interpretation.

And the data collected in a particular study are referred to as data set.

Elements:

Elements are the entities on which data are collected. The sample above should be the people that have been collected.

Variable:

A characteristic of interest for the elements. The sample above should be Name, BMI, Age, Birthday

Observation:

The set of measurements obtained for a particular element. The value of Name, BMI, Age … are all observations.

Scales of Measurement

There are four scales of measurement:

  1. Nominal scale: A variable consist of labels or names used to identify an attribute of the element.
  2. Ordinal scale: Exhibit the properties of nominal data and the order or rank of the data is meaningful.
  3. Interval scale: the properties of ordinal dta and the interval between values is expressed in terms of a fixed unit of measure.
  4. Ratio scale: the data have all the properties of interval data and the ratio of two values is meaningful.

Qualitative and quantitative data

  1. Qualitative data: labels or names used to identify an attribute of each element.

  2. Quantitative data: variable with quantitative data.

Cross-Sectional and time series data

  1. Cross-sectional data: data collected at the same or approximately the same point in time.
  2. Time series data: data collected over several time periods.

Statistical inference

Population

A population is the set of all elements of interest in a particular study.

Sample

A sample is a subset of the population.

Census

Process of conducting a survey to collect data for the entire population.

Sample survey

Process of conducting a survey to collect data for a sample.