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AICP Data Analysis

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Question
Answer
sample   a subset of population about which data are collected when it is too costly to collect data on entire populaiton  
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Typical sample size   1% ; larger sample sizes can lead to more accurate results  
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to increase accuracy   larger sample size and random sampling  
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Nominal or categorical   the measures are names or categories; e.g. democrat / republican  
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Ordinal or ranking   there is an order to the different measures; socioeconomic status  
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Interval   where the interval between the different measures has meaning; degrees Celsius, temperature  
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Ratio   properties of interval variables as well as a clear definition of zero; height of building  
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control variables   the independent variables that are not manipulated by the study but may have an impact on the outcome of a project  
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Mean   arithmetic average; not always a good measure of central tendency because extreme values or outliers can distort the statics  
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Median   the 50th percentile; better a measure of central tendency because it is less influenced by outliers than mean  
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Variance   a measure of how spread out a distribution is  
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Standard deviation   the sq root of the variance; used to describe the degree of which a distribution is spread out  
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Chi square   a statics used to suggest whether ther might be a relationship b/w two nominal or categorical variables  
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Linear regression   the influence of one or more independent variables on a dependent variable when certain assumptions are met  
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Problem Definition   1.define problem;2.specify boundaries of problem;3.develop fact base;4.list goals and objectives;5.identify range of solutions(alternatives);6.define potential costs and benefits;7.review problem statement and refine as appropriate  
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Created by: Jae Min