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CHAPTER 1:
INTRODUCTION TO STATISTICS
Stats & Prob. for Bus. Mgmt (Stat1100)
Jochem
Introduction to Statistics
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Overview
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1. What is Statistics?
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2. Some Motivation for doing Statistics.
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3. Some Basic Concepts
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4. Types of Data
Introduction to Statistics
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1. What is Statistics?
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As simple as that: Statistics is to learn information
(or, to derive knowledge) from a set of data.
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Introduction to Statistics
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1. What is Statistics?
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As simple as that: Statistics is to learn information
(or, to derive knowledge) from a set of data.
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X
Y
Z
123,231
Pittsburgh
Low
285,123
Philadelphia
High
1,121,121
New York City
Medium
…
…
…
New
information or
knowledge
This may include simple things
such as computing the
mean
of some numbers or finding
the
proportion
of some
category (e.g., yes vs. no
answers) but may also include
more complex concepts that
allow us to learn from one
small subsample something
about the underlying
population from which the
data came from.
Statistics
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1. What is Statistics?
Introduction to Statistics
Statistics
1.
Descriptive Statistics
Summary numbers that describe
a
data set, such as some measure of
center (mean, median, mode) or
some measure of variation (range,
standard deviation, variance)
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Descriptive
Inferential
2.
Inferential Statistics
Creating
an
estimate
or
a
prediction or testing a claim about
some
population
based
on
a
subsample from that population.
(Ex: “Do seniors take less credits
than freshmen?”, “Do students that
smoke
live
more
often
off
campus?”,
“Is
David
Hasselhoff
really more popular in Germany
than in the U.S.? ;)”
Introduction to Statistics
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1. What is Statistics?
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Examples of Descriptive Statistics
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1. Computing a player’s batting average in Baseball.
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2. Computing the volatility of a stock (think, AIG vs. McDonalds)
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3. What’s the relative position of Roethlisberger when ranking
all NFL Quarterbacks the by number of times being sacked?
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4. How much more (or less) beer is sold in Heinz Field for each
additional degree Fahrenheit?
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1. What is Statistics?
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Examples of Inferential Statistics
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1. Finding out the president’s approval rating
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Introduction to Statistics
Source:
http://www.rasmussen
reports.com/public_con
tent/politics/obama_ad
ministration/obama_ap
proval_index_month_b
y_month
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1. What is Statistics?
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Examples of Inferential Statistics
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2. Testing claims.
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 Spring '08
 Chiappetta
 Statistics, Inferential Statistics, Mean, Level of measurement

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