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Bsafc4 PPT Ch01
Bsafc4 PPT Ch01
4th Edition
Chapter 1 Introduction and Data Collection
Chap 1-1
Learning Objectives
In this chapter you learn:
How statistics is used in business The sources of data used in business The types of data used in business
Chap 1-2
Processing and analyzing data Collecting, presenting, and transforming data to assist decision makers
Chap 1-3
Key Definitions
A population (universe) is the collection of all members of a group A sample is a portion of the population selected for analysis A parameter is a numerical measure that describes a characteristic of a population A statistic is a numerical measure that describes a characteristic of a sample
Chap 1-4
Sample
b gi o r y
Measures computed from sample data are called statistics
Chap 1-5
c n u
ef gh i jk l m n o p q rs t u v w x y z
Descriptive statistics
Inferential statistics
Chap 1-6
Descriptive Statistics
Collect data
e.g., Survey
Present data
Characterize data
Chap 1-7
Inferential Statistics
Estimation
e.g., Estimate the population mean weight using the sample mean weight e.g., Test the claim that the population mean weight is 120 pounds
Hypothesis testing
Collecting Data
Primary Sources
Data Collection
Secondary Sources
Data Compilation Print or Electronic
Observation
Survey
Experimentation
Chap 1-9
Types of Data
Data
Categorical
Examples:
Numerical
Discrete
Examples:
Continuous
Examples:
Chap 1-10
Chapter Summary
Population vs. Sample Parameter vs. Statistic Primary vs. Secondary data sources
Chap 1-11