Nonparametric Statistics
Barron's Accounting Dictionary:
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Nonparametric Statistics
Type of statistics applied to problems for which rank order is known, but the specific distribution is not; also known as distribution-free statistics. Thus, various metals may be ranked in order of hardness without having any measure of hardness.
| Nonmonetary Item, Nonmonetary Exchange, Nonlinearity | |
| Nonproductive Capacity, Nonprofit Accounting, Nonprofit Organization |
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Nonparametric Statistics
Investopedia Financial Dictionary:
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Nonparametric Statistics
A statistical method wherein the data is not required to fit a normal distribution. Nonparametric statistics uses data that is often ordinal, meaning it does not rely on numbers, but rather a ranking or order of sorts. For example, a survey conveying consumer preferences ranging from like to dislike would be considered ordinal data.
Investopedia Says:
Nonparametric statistics have gained appreciation due to their ease of use. As the need for parameters is relieved, the data becomes more applicable to a larger variety of tests. This type of statistics can be used without the mean, sample size, standard deviation, or the estimation of any other related parameters when none of that information is available.
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Barron's Accounting Dictionary
Dictionary of Accounting Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
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Kendall's rank correlation coefficient
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Mann-Whitney test
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Wald-Wolfowitz run test
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ordinal scale measurement
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Spearman's rank correlation coefficient
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