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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

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