Chapter 1 Introduction and Data Collection

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Chapter 1 Introduction and Data Collection Business Statistics, A First Course 4th Edition Chapter 1 Introduction and Data Collection Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Learning Objectives In this chapter you learn: How statistics is used in business The sources of data used in business The types of data used in business Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Basic Concepts of Statistics Statistics is concerned with: Processing and analyzing data Collecting, presenting, and transforming data to assist decision makers Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Key Definitions A population (universe) is the collection of all members of a group A sample is a portion of the population selected for analysis A parameter is a numerical measure that describes a characteristic of a population A statistic is a numerical measure that describes a characteristic of a sample Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Population vs. Sample Population Sample a b c d b c ef gh i jk l m n o p q rs t u v w x y z b c g i n o r u y Measures used to describe a population are called parameters Measures computed from sample data are called statistics Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Two Branches of Statistics Descriptive statistics Collecting, summarizing, and presenting data Inferential statistics Drawing conclusions about a population based only on sample data Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Descriptive Statistics Collect data e.g., Survey Present data e.g., Tables and graphs Characterize data e.g., Sample mean = Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Inferential Statistics Estimation e.g., Estimate the population mean weight using the sample mean weight Hypothesis testing e.g., Test the claim that the population mean weight is 120 pounds Drawing conclusions about a population based on sample results. Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Collecting Data Primary Sources Secondary Sources Data Collection Data Compilation Print or Electronic Observation Survey Experimentation Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Types of Data Examples: Marital Status Political Party Eye Color (Defined categories) Examples: Number of Children Defects per hour (Counted items) Examples: Weight Voltage (Measured characteristics) Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.

Chapter Summary Reviewed basic concepts of statistics: Population vs. Sample Parameter vs. Statistic Primary vs. Secondary data sources Defined descriptive vs. inferential statistics Reviewed data types Categorical vs. Numerical data Discrete vs. Continuous data Business Statistics, A First Course (4e) © 2006 Prentice-Hall, Inc.