Chapter 1 Outline
No doubt you have noticed the large number of facts and figures, often referred to as
that appear in the newspapers and magazines you read, websites you visit, television you watch
(especially sporting events), and in grocery stores where you shop.
A simple figure is called a
(singular). A few examples:
The newest data show high-income taxpayers earning more money; top 1% earned almost
1/5 of the nation’s income and paid over 34% of the nation’s federal individual income
Forest Laboratories, Inc. had a 25% increase in earnings per share for the first quarter of
fiscal year 2005. (
Forest Laboratories News
, July 2004).
The average sale price per square foot for multi-family sales of apartment buildings in
2003 was $32.43. (
Noneman Real Estate Investment Letter
, July 2004)
During the week of July 31, 2004 North American car and truck production included
92,283 U.S. cars and 144,812 U.S. trucks. (www.autonews.com).
The median price of an existing family home in Austin, Texas is $157,750, down 1.0%
Austin Board of Realtor
, June 23, 2004).
The Dow Jones Industrial Average (DJIA) closed this week at 10,139.71. (
July 30, 2004)
Forest Laboratories increase in earnings of 25
percent is a statistic (singular). The Dow
Jones average of 10,139.71 is a statistic. A
collection of figures is called statistics
(plural). An example from the August 2, 2004
daily feature on the “Moneyline”
is shown on the right.
You may think of statistics simply as a collection of numerical information. However,
has a much broader meaning.
The science of collecting, organizing, presenting, analyzing, and
interpreting data to assist in making more effective decisions.
Note in this definition of statistics that the initial step is the collection of pertinent information.
This information may come from newspapers or magazines, various websites, a company's
human relations director, the local, state, or federal government, universities, nonprofit
organizations, the United Nations, and so on. A few actual publications of the federal government
and others are:
Statistical Abstract of the United States
, published annually by the U.S. Department of
Monthly Labor Review
, published monthly by the U.S. Department of Labor.
Survey of Current Business
, published monthly by the U.S. Department of Commerce.
Social Security Bulletin
, published annually by the U.S. Social Security Administration
Dow Jones Industrial Average
T-bond, 30 year yield
Oil, light sweet crude, barrel
U.S. dollar, yen per dollar