GB 213 CH 1-3 Vocabulary

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Descriptive Statistics
Summary of a data set in the form of tables, graphs or the calculation of numerical measures.
Inferential Statistics
Extracting useful information from a sample to draw conclusions about a population.
Population
Complete collection of items
Sample
Subset of the population of interest.
Cross-sectional data
Values of a characteristic of many subjects at the same point in time or without regard to differences in time
Time-series data
Values of a characteristic of a subject over time.
Qualitative variables
Labels or names are used to identify the distinguishing characteristics of each observation
Quantitative variables
Meaningful numerical values are used to identify the distinguishing characteristic of each observation
Discrete variables
A countable number of values - whole numbers
Continuous variables
Can take on any value within an interval.
Frequency distribution
Groups data into categories and records the number of observations that fall in each category.
Relative frequency distribution
The proportion or fraction of observations in each category.
Cumulative frequency distribution
The number of observations that fall below the upper limit of each class.
Cumulative relative frequency distribution
The proportion or fraction of observations the fall below the upper limit of each class.
Scatterplot
A graphical tool that helps in determining whether or not two quantitative variables are related in some systematic way. Each point on the diagram represents a pair of observed values of the two variables.
Median
Middle value of a data set that has been arranged in ascending order. Especially useful when outliers are present.
Mode
Value in the data set that occurs with the most frequency. A data set may have no mode, one mode, or more than one mode.
Range
Range = Max - Min
Sharpe Ratio
Measure reward-per-unit-of-risk
z-score
Measures the relative location of the sample value of x.
Covariance and Correlation Coefficient
Measures that assess the direction and strength of a linear relationship between two variables.