Lecture1-1

Lecture1-1 - The science of collecting, summarizing,...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
The science of collecting, summarizing, analyzing, and interpreting data. It extracts from data useful information about some characteristic of a particular group or about some aspect of a particular object that is not readily known or completely uncertain. In the presence of variation or uncertainty, we need to gather information and draw conclusions (make intelligent judgments and informed decisions). Statistical reasoning will one day be as important to good citizenship as the ability to read and write – H.G. Wells 2
Background image of page 2
In today’s newspaper, on TV and in every business How to validate a commercial that claims a substantial improvement on a product? How to pick a superior portfolio of assets, say stocks, with high return and controlled risk? Do mobile phones cause cancer? Does this social policy work? Is the economy recovering? 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Descriptive statistics Collecting, presenting, and describing data Inferential statistics Drawing conclusions and/or making decisions concerning a population based only on sample data
Background image of page 4
Quantifying or summarizing data without implying or inferring anything beyond the sample. (Business Dictionary) Methods to describe data: Table, graph … 5
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
9/1/87 9/11/87 9/21/87 10/1/87 10/11/87 10/21/87 10/31/87 11/10/87 11/20/87 11/30/87 -0.2 -0.1 0.0 0.1 6 GM Returns Looks at the big picture (provides overview & summary of data) Doesn’t ignore individual observations (exceptions to the rule). Oct. 19 crash
Background image of page 6
7 Ex1: The Massachusetts Lottery Per capita income and % income spent on the lottery for various communities. Data for N = 37 communities
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/16/2009 for the course BUAD 14871 taught by Professor Yingyingfan during the Fall '09 term at USC.

Page1 / 21

Lecture1-1 - The science of collecting, summarizing,...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online