# 4 - lecture 1 lecture 1 Introduction Previews Example 1...

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lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Business Statistics Yingying Li ISOM 111 Fall 2010

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lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Introduction Outline 1 Introduction 2 Previews Example 1, Pricing a Car Example 2, Running a Store 3 Populations and Variables 4 Data collection census sample
lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Introduction What is statistics? Statistics is a science about how to collect data describe/analyze data interpret data. Statistics extracts answers to questions from data.

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lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Previews Example 1, Pricing a Car Example 1, Pricing a Car Your cousin recently moved to New York and is considering buying a used BMW 3-series. He saw an ad offering to sell a 2007 BMW 335i with 53000 miles for \$22,000 USD, and is wondering whether it’s worth a further look. Is \$22,000 USD too much to spend on a 2007 BMW 335i with 53000 miles? Can you offer him some advice?
lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Previews Example 1, Pricing a Car Example 1, Pricing a Car, ctd Collect data; e.g., prices of 2007 BMW 335i with different mileages (from BMW dealers within 50 miles of NYC). Mileage (miles) Price (USD) 43001 26985 46466 25875 35419 24875 23237 25875 31571 26985 14639 25490 45640 24490 56208 22425 . . . . . .

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lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Previews Example 1, Pricing a Car Example 1, Pricing a Car, ctd Describe data; e.g., a scatterplot :
lecture 1 Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Populations and Variables Data collection census sample lecture 1 Previews Example 1, Pricing a Car Example 1, Pricing a Car, ctd Analyze data; e.g., simple linear model :

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