# Chap 1 - Chapter 1 Introduction to Business Statistics A....

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Chapter 1 Introduction to Business Statistics A. Terms 1. Statistics – essentially the art of collecting, analyzing, and interpreting data. It can be applied to all fields and types of studies. i.e. your test average is an example of a statistic 2. Population vs Sample a. population – set of all elements of interest for a study b. sample – a subset of the population in which you run tests 3. Definitions of Data a. Def: The facts and figures that are collected, analyzed, and summarized for presentation or interpretation b. Data Set – the data collected for a particular study c. Elements – entities for which data is collected. They have different attributes that you measure and are different across entities. i.e. Consider a study on churches where you measure size, type, etc… The churches are the entities d. Variable – the characteristics or attributes that are measured on an element. e. Observations or Values – the actual measurement obtained for an element. 4. Types of Data a. Qualititative/Categorical Variables – labels and names used to identify an attribute of each element. i.e. Descriptive in nature note: many times we make these types of variables take on a numeric value in order to perform an analysis. If a categorical value is assigned a name it is called nominal scale . If the categorical value takes on a number it is called ordinal scale . example: Microsoft = Co 1 Sun = Co 2 Oracle = Co 3 1

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b. Quantitative Variable – has magnitude and order. It is how much or how many. It is numeric. Ordinary arithmetic operations (add, subtract, multiply, divide) only have meaning with these types of variables. Quantitative variables are generally measured in interval scale (i.e. they have units of measurement). The zero value is arbitrarily assigned (i.e. it has no meaning) and is considered a reference point that can be changed. 5.
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## This note was uploaded on 12/04/2011 for the course ACCT 3311 taught by Professor Smith during the Spring '10 term at University of the Incarnate Word.

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Chap 1 - Chapter 1 Introduction to Business Statistics A....

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