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《Lesson 1 Slides1》.pdf
ETF2121/ETF5912
Data Analysis in Business
Review of Fundamental Statistical
Concepts
What is Statistics?
• “Statistics is the science which deals with the collection,
classification and use of numerical facts or data, bearing on a
subject or matter.” (Macquarie Dictionary)
• Other uses of the term include:
– A group of data.
– Descriptive measures computed from a sample and use to
make determinations about a population.
– The distributions used in the analysis of data. e.g. t or z
distribution.
2
Population versus Sample
• Data can be generally classified as coming from
populations or samples.
• A population consists of all items of interest for
a particular decision or investigation.
• A sample is a subset of a population.
3
4
Parameter versus Statistic
• Parameter
– Descriptive measure of the population.
– Usually represented by a Greek letter.
• Statistic
– Descriptive measure of a sample.
– Usually represented by a Roman letter.
5
Census versus Sample Survey
• Census ‐a process of gathering data from
the entire population (e.g. Australian
Census).
• Sample Survey‐a process of gathering data
from a representative subset of the population
(e.g. opinion polls).
6
7
Descriptive versus
Inferential Statistics
• Descriptive Statistics
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