Chapter 1.1 - Stats - Statistics Data and Statistical

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chapter 1: STATS – STATISTICS DATA AND STATISTICAL THINKING 1.1 The science of statistics
* Statistics - is the science of data. It involves collecting, classifying, summarising, organising, analysing, and interpreting numerical information. 1.2 types of statistical applications in business

* Descriptive Statistics - describe collected data. Utilizes numerical and graphical methods to look for patterns in data, summarize the information in the data and to present the information in a convenient form * Inferential Statistics – utilizing sample data to make estimates, predictions or other generalizations about a larger data set. * Estimation (Making conclusions of a population based on sample) * Hypothesis Testing (Testing on a belief)

* Confidence Interval (33 +/8) %
1.3 fundamental elements of statistics
* Experimental Unit – object (eg: person, thing, transaction, or event) of interest for which data is collected * Example – graduating NBS students in 2013
* Example – FOX viewers
* Example – Cola consumers
* Population – the set of units we are interested in learning about * Example – all 1200 graduating students at NBS in 2013 * Example – all FOX viewers
* Example – all Cola consumers
* Variable – characteristic or property of a single experimental unit * Any particular characteristic may vary among the experimental units in a population * Example – salary at first job after graduation

* Example – Age (in years) of each viewer
* Example – Cola preference
* Sample – subset of population
* Example – 100 graduating students who replied to online survey * Example – 200 FOX viewers selected by the executive * Example – 1,000 cola consumers selected from the population * Statistical Inference – generalization about a population based on sample data * Example – the average salary on graduation is...
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