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CH. 1 The Where, Why, and How of Data CollectionData mining: the application of statistical techniques and algorithms to the analysis oflarge data setsBusiness Intelligence: the application of tools and technologies for gathering, storing,retrieving, and analyzing data that businesses collect and use.1.1 What is Business Statistics?Business Statistics: a collection of procedures and techniques that are used toconvert data into meaningful information in a business environment.Descriptive Statistics: procedures and techniques designed to describe data.Charts and GraphsHistogramsBar chartsNumerical Measures:arithmetic mean or average: the sum of all values divided by thenumber of valuesEx. When the park ranger at Yellowstone National Park reportsthe average length of time that visitors spend in the parkInferential Statistics: tools and techniques that help decision makers to drawinferences from a set of dataStatistical Inference Procedures: Procedures that allow a decision makerto reach a conclusion about a set of data based on a subset of that data.Estimatione.g. Estimate the population mean weight using the samplemean weightestimates are formed by looking closely at a subset of thelarger data setHypothesis testinge.g. Use sample evidence to test the claim that thepopulation mean weight is 120 pounds1.2 Procedures for Collecting DataData Collection Methods:Experiments: a process that produces a single outcome whose resultcannot be predicted with certaintyExperimental Design: a plan for performing an experiment inwhich the variable of interest is defined. One or more factors areidentified to be manipulated, changed, or observed so that theimpact (or influence) on the variable of interest can be measuredor observed.Advantages:Provide controlsPreplanned objectivesDisadvantages:Costly
TimeconsumingRequires planningTelephone Surveys:must be short → 13 min.Generally, closedend questions: questions that require therespondent to select from a short list of defined choices.should have a short statement at the beginning explaining thepurpose of the survey and reassuring the respondent that his orher responses will remain confidentialLast part of the survey, demographic questions: questions relatingto the respondents’ characteristics, backgrounds, and attributesGenderIncome LevelEducation LevelPrime time for voter survey: 79PMAdvantages:TimelyRelatively inexpensiveDisadvantages:Poor reputationLimited scope and lengthWritten Questionaire and Surveysmost frequently used method to collect opinions and factual datafrom peoplegenerally least expensivesimilar to telephone surveysmust look professionalScanning for a large number of surveyscan contain both closed and openended questionsOpenended questions: questions that allow respondents