OPRE 3360-Chapter 1(1).pdf - OPRE 3360 Managerial Methods in Decision Making Under Uncertainty Chapter 1 Data and Statistics What is Statistics

# OPRE 3360-Chapter 1(1).pdf - OPRE 3360 Managerial Methods...

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OPRE 3360: Managerial Methods in Decision Making Under Uncertainty Chapter 1: Data and Statistics What is Statistics? Statistics is the study of the collecting, analyzing, presenting, and interpreting data. It can also refer to numeric facts such as: Average, Median, Percent, etc. Data and data Sets Data: The facts and figures collected, analyzed, and summarized for presentation and in- terpretation. 1

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Data Set: All the data collected in a particular study. Elements: Entities on which data are collected. Variable: A characteristic of interest for the elements. Observation: Set of measurements obtained for a particular element. A data set with n elements contains n observations. The total number of data values in a complete data set is the number of elements multiplied by the number of variables. Company Stock Exchange Annual Sales (\$M) Earning per Share (\$) Dataram NQ 73.10 0.85 Energy Sought N 74.00 1.67 Keystone N 365.70 0.86 LandCare NQ 111.40 0.33 Psychemedics N 17.60 0.13 Scale of Measurement Categorical Data: Labels or names identifying an attribute of each element. Often referred to as qualitative data . Can be either numeric or nonnumeric. Appropriate statistical analyses are rather limited. Quantitative Data: Indicate how many or how much: Discrete , if measuring how many 2
Continuous , if measuring how much Quantitative data are always numeric. Ordinary arithmetic operations are meaningful. 0.1 Nominal Data are labels or names used to identify an attribute of the element. A nonnumeric label or numeric code may be used. Dichotomous variables are nominal, like gender. 0.2 Ordinal All the Characteristics of Nominal Data ALSO : Order or rank of the data is meaningful A nonnumeric label or numeric code may be used.

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