Data

Definition

Data are individual pieces of factual information used for analysis. They can be quantitative or qualitative and form the basis for statistical reasoning.

5 Must Know Facts For Your Next Test

1. Data can be classified as primary or secondary depending on their source.
2. Quantitative data are numerical and can be discrete or continuous.
3. Qualitative data are categorical and describe attributes or characteristics.
4. In business statistics, data is essential for making informed decisions through statistical analysis.
5. Data collection methods include surveys, experiments, observations, and existing records.

Review Questions

• What is the difference between quantitative and qualitative data?
• How does primary data differ from secondary data?
• Why is data important in statistical analysis?

Related terms

Sampling: The process of selecting a subset of individuals from a population to estimate characteristics of the whole population.

Population:

The entire group that is the subject of a statistical study.

Variable: Any characteristic, number, or quantity that can be measured or quantified.