Essentials of Business Statistics Ch.1 Notes

In: Business and Management

Submitted By FredrickJay
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Statistics-the language of data

Statistic is to data as French is to language of the French.

A solid understanding of statistics provides you with tools to react intelligently to information that you read or hear.

Finally, an important ingredient of a well-executed statistical analysis is to clearly communicate numerical information into written language.

Descriptive statistics refers to the summary of important aspects of a data set. This includes collecting data, organizing the data, and then presenting the data in the forms of charts and tables. In addition, we often calculate numerical measures that summarize, for instance, the data’s typical value and the data’s variability.

Descriptive statistics is summary/describing data. Inferential statistics is drawing conclusions/assumptions.

The phenomenal growth in statistics is mainly in the field called inferential statistics. Generally, inferential statistics refers to drawing conclusions about a large set of data— called a population —based on a smaller set of sample data. A population is defined as all members of a specified group (not necessarily people), whereas a sample is a subset of that particular population. In most statistical applications we must rely on sample data in order to make inferences about various characteristics of the population. For example, a 2010 survey of 1,208 registered voters by a USA TODAY/Gallup Poll found that President Obama’s job performance was viewed favorably by only 41% of those polled, his lowest rating in a USA TODAY/Gallup Poll since he took office in January 2009 (USA TODAY, August 3, 2010). Researchers use this sample result, called a sample statistic, in an attempt to estimate the corresponding unknown population parameter. In this case, the parameter of interest is the percentage of all registered voters that view the president’s job performance…...

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