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DATA AND STATISTICS 1 1 r e t CONTENTS STATISTICS IN PRACTICE: BUSINESS WEEK p 1.1 APPLICATIONS IN BUSINESS AND ECONOMICS Accounting Finance a Marketing Production Economics 1.2 DATA h Elements, Variables, and Observations Scales of Measurement Qualitative and Quantitative Data Cross-Sectional and Time Series Data 1.3 DATA SOURCES Existing Sources C Statistical Studies Data Acquisition Errors 1.4 DESCRIPTIVE STATISTICS 1.5 STATISTICAL INFERENCE 1 2 Data and Statistics 2 STATISTICS FOR BUSINESS AND ECONOMICS STATISTICS IN PRACTICE BUSINESS WEEK* New York, New York With a global circulation of more than 1 million, Busi- ness Week is the most widely read business magazine in the world. More than 200 dedicated reporters and editors in 26 bureaus worldwide deliver a variety of ar- ticles of interest to the business and economic commu- nity. Along with feature articles on current topics, the magazine contains regular sections on International Business, Economic Analysis, Information Processing, and Science Technology. Information in the feature articles and the regular sections help readers stay abreast of current developments and assess the impact of those developments on business and economic conditions. Most issues of Business Week provide an in-depth Business Week uses statistical facts and summaries in many report on a topic of current interest. Often, the in- of its articles. © Joe Higgins/South-Western. depth reports contain statistical facts and summaries that help the reader understand the business and/or economic information. For instance, the January 17, vertisers. For instance, a recent North American sub- 2000, issue contained a report on who gets hurt most scriber survey indicated that 90% of Business Week by higher interest rates; the January 24, 2000, issue subscribers have a personal computer at home and that contained a report on what is wrong with mutual 64% of Business Week subscribers are involved with funds; and the February 28, 2000, issue contai