Business Statistics_Mid term notes.docx

Business Statistics_Mid term notes.docx - Business...

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Business Statistics Introduction Statistics is the science of collecting, organizing and interpreting numerical and non-numerical facts, which we call data. The collection and study of data is important in the work of many professions, so that training in the science of statistics is valuable preparation for variety of careers, for example, economists and financial advisors, businessmen, engineers and farmers. Knowledge of probability and statistical methods also are useful for informatics specialists in various fields such as data mining, knowledge discovery, neural networks, and fuzzy systems and so on. Whatever else it may be, statistics is first and foremost a collection of tools used for converting raw data into information to help decision makers in their work. Populations and samples In statistics, the data set that is the target of your interest is called a population. Notice that, a statistical population does not refer to people as in our everyday usage of the term; it refers to a collection of data. A population is a collection (or set) of data that describes some phenomenon of interest to you. A sample is a subset of data selected from a population. The branch of statistics devoted to the summarization and description of data (population or sample) is called descriptive statistics. The branch of statistics concerned with using sample data to make an inference about a population of data is called inferential statistics. Types of data Data can be one of two types, qualitative and quantitative Quantitative data are observations measured on a numerical scale.
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