Lecture 1 - sem 1 Flashcards
(23 cards)
why are statistics important
employable skills
understand how to use and the limitations of data
what is data
factual information
explains reasonings, discussion, calculation
collection of values and information
what is a data set
all data collected in a particular study
elements meaning
an entities on which data are collected
variable meaning
characteristic of interest for the elements
observation meaning
set of measurements obtained for a particular element
what is quantitative data
deals with numbers
measurable
has units
quantity
what is qualitative data
deals with description
data is observed not measured
no units
quality
cross-sectional data meaning
statistical analysis which provides information on the characteristics of (and statistical relationship between) individual units of study at a specific moment in time.
T=1
N is large
time series data meaning
data collected over several time periods
T is large
N=1
panel data (balanced or unbalanced) meaning
provides information on individuals both across individuals and over time
N is large
T is large
what does N stand for
total number of units
any unit is denoted as:
i=1,….,N
what does T stand for
total number of time periods
any single time period is:
t=1,…,T
what happens when you have missing data
don’t take those elements into consideration
use similar elements to estimate the missing data
balanced data meaning
not including the elements with missing data
unbalanced data meaning
including the elements with missing data
what is cross sectional data good for
different entities
provide a relationship between variables for one period of time across a large number of units
large sample size
what is time series data good for
data on the same quantity collected at different points in time
good for analysis over long periods of time for small number of units
e.g. weather data, temperature over time
what is unbalanced and balanced panel data good for
we have data on different units and observed over many points in time
what is mean
provides the measure of central location for the data
what is the mode
the value that appears most frequently
observational data meaning
collected by observing existing conditions without any intervention
experimental data meaning
collected through experiments where the researcher actively manipulates one or more variables to observe their effect o another variable
