Chapter 1
Introduction to
Statistics: Formalities,
Tntroduetion and
Orentation
‘CHAPTER 4
DDATA AND STATISTICS
= appicators m Busnes enc Economics
mate
mDatasources
sa Decenptive Statice
sm Statistical ference
= Computersand
‘Statice Analis
[APPLICATIONS IN
BUSINESS AND ECONOMICS
be comme
Pulicecounting rms uc statticl sampting
_proeduns when conducting audits fr theirclients
Exenomics
Economists se statistical formation n making
foecasts about the fture ofthe econoaryorsome
asrectofit.
Matating
“Applcaons
Business and Economics
1m Production,
‘Avanely estate ually comtl ats ae used
to manor the ouput cf production precess
Du Finace
Financial advisors use prce-arings rats and
dividend ys to guide the anvetment
DATAAND DATASETS
Elements, Variables, and Observations
(Dw The slemants nee entities on which ita are
collated.
Di A cali a characteris fintret forthe aman,
Di The sof measuements collcted fora particular
The total umber of data values incomplete data
setsthe numberof elementssmultlied bythe
snumbar of ranabis‘SCALES OF MEASUREMENT
| Ses of messuramentinciude
“The sale determines the amount information
contanedin the dts,
“The sale indicates the data summarization and
stabshcal analyses hatare most ppropaat,
“SCALES OF MEASUREMENT
> Dela atelabels or names used to identify an
‘tui of te element
> Anonmamaris abel or meric ode may be ed
> Exampie
Students ofa univssity ate lasted the
School a ws they are egoled uses @
‘eruuumari bel sch as Susie, Hants,
eacaton an s0 0a
‘beschoslvarable(@g 1 denctes Busnes,
2éenctes Hunanites 3 denotes Education and
soon
“SCALES OF MEASUREMENT
> Tis datehavethe ropertes of nominal dat nd
‘ne once of auc cits meaner
> Anormumar: labelor mumericcode may be used
SCALES OF MEASUREMENT
Orsi
> Bampie
Stabentsof a vest ate clasitiea by tite
lis standingusing a normumrilabe aac as
‘Frskanay Soptomire Junor ar Senor
_Alematvely a numeric code could be sed for
Siectase standing viable (e's !danctes
‘Freshman, ? éotesSoplomare ano ont“SCALES OF MEASUREMENT
‘Te dats havathe proparts of dina date and
> enteral newaen observations is expressed
farms ofa feed tif meosine
> tnievatdata or ays mamenis
‘SCALES OF MEASUREMENT
> Bangle
‘Massa has ax SAT score of 1205, whie Ketan
hasan aT store of 000 Melisa scored 13
pants mote tan Kern.
“SCALES OF MEASUREMENT
ee]
> Te datehaveal te propertesofntarval data
ed haat of tovalueris meaning.
pp Vetables suchas distance height weight and time
sus thesatis sale
‘hatnotung ests for te vail at he 20 poi,
“Tis sae must contin a sro valu hat ndicates
‘SCALES OF MEASUREMENT
D Bample
‘Miliss's college record stows 36 credithous
euned, While Reins record shows 7 cet
ours eared. Kevanhas ice say crait
‘ourseamed.e\laus8,
py, Daca be farther dunnted abeing quiets
orquanitatie
> Tee static analyse tats appropriate depends
Gnovheler te dalafos the vaniolee qualatve
orquanitative
> Tngenenl here aremorealtematicesfor sts
‘Salyss when te deta ere queria
(QUALITATIVE DATA,
[Lite names ued to ankiy anette af ach
semen
(ten rferced to as categorical data
‘Use either to nina or ordital se of
messmement
‘can either numeric ornormamene
Appropriate statistical analyses ae rather Emuted