Chapter 1
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Statisticsstudy
The art and science of collecting, analyzing, presenting, and interpreting data.

Statisticsfacts
The numerical facts that help us understand a variety of business and economic situations.

Data
The facts and figures collected, analyzed, and summarized for presentation and interpretation.

Data Set
All the data collected in a particular study.

Elements
The entities on which data are collected.

Variable
A characteristic of interest for the elements.

Observation
The set of measurements obtained for a particular element.

Nominal Scale
The scale of measurement for a variable when the data are labels or names used to identify an attribute of an element. Nominal data may be nonnumeric or numeric.

Ordinal Scale
The scale of measurement for a variable if the data exhibit the properties of nominal data an the order or rank of the data is meaningful. Ordinal data may be nonnumeric or numeric.

Interval Scale
The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Interval data are always numeric.

Ratio Scale
The scale of measurement for a variable if the data demonstrate all the properties of interval data and the ratio of two values in meaningful. Ratio data are always numeric.

Categorical Data
Labels or names used to identify an attribute of each element. Categorical data use either the nominal or ordinal scale of measurement and may be nonnumeric or numeric

Quantitative Data
Numeric values that indicate how much or how many of something. Quantitative data are obtained using either the interval or ratio scale of measurement.

Categorical Variable
A variable with categorical data

Quantitative Variable
A variable with quantitative data.

Crosssectional data
Data collected at the same or approximately the same point in time

Time series data
Data collected over several time periods

Descriptive statistics
Tabular, graphical, and numerical summaries of data.

Population
The set of all elements of interest in a particular study.

Sample
A subset of the population

Census
A survey to collect data on the entire population

Sample survey
A survey to collect data on a sample

Statistical inference
The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population.

Data mining
The process of using procedures from statistics and computer science to extract useful information from extremely large databases