Chapter 1 Slides

# Chapter 1 Slides - ISDS 2000: Statistical Methods Chapter 1...

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ISDS 2000: Statistical Methods Chapter 1

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What is Business Statistics? Business Statistics encompasses methods of utilizing data for purposes of making better business decisions.
Applications in Business and Economics 1. Accounting – In auditing, staff selects a random sample of accounts in order to estimate the amount of accounts receivable. This should closely match that reported by the company. 1. Finance – Financial Analysts can use P/E ratio, with other information, to help recommend buy, sell, or hold. 2. Marketing - Apple's Mac market share tops 5% with over 30% growth 3. Economic forecasting of GDP growth, unemployment rate, inflation rate, etc

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Data The collection of information makes up the data set. Data are made up of variables/characteristics collected for each of the individual observations. Types of Variables – in order to address statistical questions, one must be able to identify types of variables.
The TWO types of variables Qualitative Variable – yields response that is

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## This note was uploaded on 01/28/2011 for the course ISDS 2000 taught by Professor Nunnery during the Spring '08 term at LSU.

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Chapter 1 Slides - ISDS 2000: Statistical Methods Chapter 1...

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