Lect1 - Introduction Previews Data Populations and...

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Introduction Previews Data Populations and Variables Business Statistics Xinghua Zheng 1 1 ISOM, HKUST 1 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables Outline Introduction Previews Example 1, Pricing a Car Example 2, Running a Store Data Populations and Variables Data collection Census Sample 2 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables What is statistics? ± Statistics is a science about how to 1. collect data 2. describe/analyze data 3. interpret data. ± Statistics extracts answers to questions from data. 3 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables Example 1, Pricing a Car Example 2, Running a Store 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 53,000 miles for $22,000 USD, and is wondering whether it’s worth a further look: I Is $22,000 USD too much to spend on a 2007 BMW 335i with 53,000 miles? ± Can you offer him some advice? 4 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables Example 1, Pricing a Car Example 2, Running a Store Example 1, Pricing a Car, ctd I Collect data, e.g., I prices of 2007 BMW 335i with different mileages. Mileage (miles) Price (USD) 43001 26985 46466 25875 35419 24875 23237 25875 31571 26985 14639 25490 45640 24490 56208 22425 . . . . . . 5 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables Example 1, Pricing a Car Example 2, Running a Store Example 1, Pricing a Car, ctd I Describe data, e.g., a scatterplot : 6 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables Example 1, Pricing a Car Example 2, Running a Store Example 1, Pricing a Car, ctd I Analyze data, e.g., simple linear regression : 7 / 17 Xinghua Zheng Lect 1
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Introduction Previews Data Populations and Variables Example 1, Pricing a Car Example 2, Running a Store Example 1, Pricing a Car, ctd I Interpret data, e.g., based on the above model,
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Lect1 - Introduction Previews Data Populations and...

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