Revision 01. Introduction

Revision 01. Introduction - Why Statistics? Most commonly...

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Introduction 1 Why Statistics? Most commonly used mathematical method in business and economics Marketing – consumer surveys Finance – forecasting, modeling Management – allocating resources Accounting – inventory control Economic modelling Many more every area of business/economics uses statistics from time to time
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Introduction 2 Statistics is used in many fields Social Studies Collecting, analyzing data from individuals or groups Medicine Diagnosing patients and treating patients Engineering Control – airplanes, power plants, buildings Humanities Analyzing ,dating ancient artifacts
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Introduction 3 Primary sources of data Collected by you – how ? Representative sample (see later) Secondary sources of data collected by some else Government statistics Computer databases Newspapers, magazines Advertising Graphical representation of data Summarizing data Descriptive Statistics –dealing with data
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Types of Data Nominal Scale Use only labels to categorize data Gender, race, occupations, industries Ordinal Scale Data ranked Rank products in order of preference Interval (numerical) Scale Data is numerical Yearly sales, age, stock price
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Revision 01. Introduction - Why Statistics? Most commonly...

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