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• Relative frequency distribution: It is a tabular summary of data showing the relative frequency for each bin. Percent frequency distribution: Summarizes the percent frequency of the data for each bin.
• Frequency distribution: A summary of data that shows the number (frequency) of observations in each of several nonoverlapping classes, typically referred to as bins, when dealing with distributions.
• Population: All elements of interest • Sample: Subset of the population  Random sampling - A sampling method to gather a representative sample of the population data. • Quantitative data: Data on which numeric and arithmetic operations, such as addition, subtraction, multiplication, and division, can be performed. • Categorical data: Data on which arithmetic operations cannot be performed.
• Cross-sectional data: Data collected from several entities at the same, or approximately the same, point in time. • Time series data: Data collected over several time periods.  Graphs of time series data are frequently found in business and economic publications.
• Data: The facts and figures collected, analyzed, and summarized for presentation and interpretation. • Variable: A characteristic or a quantity of interest that can take on different values. • Observation: Set of values corresponding to a set of variables. • Variation: The difference in a variable measured over observations. • Random variable/uncertain variable: A quantity whose values are not known with certainty.