BNAL-206-Spring-2020-Session-2(1) (1).ppt - What is...

This preview shows page 1 - 10 out of 107 pages.

What is statistics?
Relive the pain - Last Session Review1.What is statistics?2.What are the two branches of statistics we use?3.How are the two branches different? 4.What is a variable?5.What are the types of variables?6.What is the difference between population v. sample?7.What are the types of samples?
Two Different Branches Of Statistics Are Used In BusinessStatistics The branch of mathematics that transforms data into useful information for decision makers. Descriptive StatisticsCollecting, summarizing, presenting and analyzing dataInferential StatisticsUsing data collected from a small group to draw conclusions about a larger group
Types of VariablesDCOVAVariablesCategoricalNumericalDiscreteContinuousExamples:Marital StatusPolitical PartyEye Color(Defined Categories)Examples:Number of ChildrenDefects per hour(Counted items)Examples:WeightVoltage(Measuredcharacteristics)NominalOrdinalExamples: RatingsGood, Better, BestLow, Med, High(Ordered Categories)
Measurement ScalesAnominal scaleclassifies data into distinct categories in which no ranking is implied.An ordinal scale classifies data into distinct categories in which ranking is implied.An interval scaleis an ordered scale in which the difference between measurements is a meaningful quantity but the measurements do not have a true zero point.A ratio scale is an ordered scale in which the difference between the measurements is a meaningful quantity and the measurements have a true zero point.
Population vs. SampleAll the items or individuals about which you want to draw conclusion(s).A portion of the population of items or individuals. PopulationSampleDCOVAA Population of Size 40A Sample of Size 4A population parametersummarizes the value of a specific variable for a population.A sample statisticsummarizes the value of a specific variable for sample data.
Types of SamplesSamplesNon-Probability SamplesJudgmentProbability SamplesSimple RandomSystematicStratifiedClusterConvenienceDCOVA
Quiz / Exam Check:Which of the following is a discrete quantitative (numerical) variable?
Quiz / Exam Check:The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a Blu-ray player made by the company over the past 12 months are satisfied with their products. the possible responses to the question "What is your annual income rounded to the nearest thousands?" are values from a:(Circle the best answer)

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture