lect1_L6_L7

lect1_L6_L7 - lecture 1 Introduction Data collection census...

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Unformatted text preview: lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Business Statistics Yingying Li ISOM 111 Fall 2009 lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction What is statistics? Statistics is a science about how to • collect data lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction What is statistics? Statistics is a science about how to • collect data • summarize/present data lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction What is statistics? Statistics is a science about how to • collect data • summarize/present data • and interpret data. lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction Examples of data Example 1 Hong Kong unemployment rate: During 4/2009 - 6/2009, to determine the unemployment rate, the following data (hypothetical) has been collected: ID Employed or not 123456 Yes 334565 Yes 234567 No . . . . . . Summary 1 : Period Labor force Unemployed Unemployment rate (%) 4/2009 - 6/2009 3 709.2 K 203 K 5.5 5/2009 - 7/2009 3 719.0 K 213.8 K 5.7 1 based on http://www.censtatd.gov.hk/ lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction Examples of data Example 2 : Hong Kong average monthly salary on Mar, 2009: To determine the average monthly salary across all industry sections, a survey was conducted and the following data (hypothetical) has been collected: ID industry section monthly salary A123456 Manufacturing 11,000 B234567 Financial & insurance activities 17,000 . . . . . . . . . Summary 2 : Industry Section All Sections Manufacturing Financial & insurance activities salary 10,917 11,658 16,527 2 based on http://www.censtatd.gov.hk/ lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction Populations and Variables • Population: A set of existing units (usually people, objects or events) • labor force in Example 1 • all employees in industry Sections in Example 2 lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1 Introduction Populations and Variables • Population: A set of existing units (usually people, objects or events) • labor force in Example 1 • all employees in industry Sections in Example 2 • Variable: A measurable characteristic of the population • employed or not in Example 1 (qualitative/categorical) • monthly income in Example 2 (quantitative) lecture 1 Introduction Data collection census sample Usefulness of Statistics in Business A hypothetical example lecture 1...
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This note was uploaded on 12/30/2009 for the course ISOM ISOM111 taught by Professor Anthonychan during the Fall '09 term at HKUST.

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lect1_L6_L7 - lecture 1 Introduction Data collection census...

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