Topics: Measurement, Statistics, Parametric statistics Pages: 2 (471 words) Published: February 9, 2009
GT00303 Business Statistics Semester II 2008/2009
Chapter 1

An important decision-making tool in business and is used in virtually every area of business.

Among the more common meaning of the word are:
1) the science of gathering, analyzing, interpreting and presenting data 2) a branch of mathematics
3) a course of study
4) facts and figures
5) a death
6) sample measurement
7) type of distribution used to analyze data

1) the discipline of accounting
2) decision sciences
3) economics
4) finance
5) management
6) management information systems
7) marketing
8) production

The study can be subdivided into two main areas:
1) Descriptive statistics – results from gathering data from a body, group, or population and reaching conclusion only about that group 2) Inferential statistics – are generated from the process of gathering sample data from a group, body, or population and reaching conclusions about the larger group from which the sample was drawn

Population defines as a collection of persons, objects or items of interest. When researchers gather data from the whole population for a given measurement of interest, they call it a census. A sample is a portion of the whole and if properly taken, is representative of the whole.

A descriptive measure of the population is called a parameter. Parameters are usually denoted by Greek letters. Examples of parameters are population mean[pic], population variance[pic], and population standard deviation[pic].

A descriptive measure of a sample is called a statistic. Statistics are usually denoted by roman letters. Examples of statistics are sample mean[pic], sample variance[pic], and sample standard deviation[pic].

The appropriate type of statistical analysis depends on the level of data measurement, which can be: Non-metric or qualitative data
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