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Chapter 1

# Chapter 1 - Chapter 1 Chapter KVANLI PAVUR KEELI NG A First...

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Chapter 1 – Chapter 1 – A First Look at A First Look at Statistics and Statistics and Data Collection Data Collection KVANLI PAVUR KEELI NG

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Chapter Objectives At the completion of this chapter, you should be able to answer: What is “statistics” and why is the study of statistics important to a business manager? What is a “parameter” and what makes it different from a “statistic” ? What is meant by the term “descriptive statistics”? “inferential statistics”?
Chapter Objectives - Continued What is a population? A sample? A census? What are the types of data? (discrete/continuous) What are the strengths of data? (nominal, ordinal, interval, ratio) What distinguishes qualitative data from

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Statistics Statistics is the most widely used quantitative method in business. It is concerned with extracting the best possible information from data in order to aid decision making. It is often applied to sales forecasting, quality control and market research. Read Section 1.3 (Uses of Statistics in Business)
Population vs Sample Population (size is N) Sample (size is n) Usually selected randomly (called a simple random sample) Random samples provide a better representation of the population. This is what we look at and describe For example: All students at UNT All students at UNT who own a car All registered voters All production workers at Motorola You measure or count something for each of these. That is the population.

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Descriptive
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Chapter 1 - Chapter 1 Chapter KVANLI PAVUR KEELI NG A First...

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