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Chapter1
WhatisStatistics?GOALS:Uponsuccessfulcompletion,youshouldbeableto:Define“BusinessStatistics”DifferentiatebetweenthedifferenttypesofdataandlevelsofmeasurementDescribekeydatacollectionmethodsIdentifycommonsamplingmethodsDistinguishthedifferentareasofstatisticsExplainwhyyoustudystatistics1
WhatisMeantbyStatistics? Statisticsisthescienceofcollecting,organizing,presenting,analyzing,andinterpretingdatatoassistinmakingmoreeffectivedecisions.ToolsTechniquesDATAMeaningfulInformation2
TypesofDataClassifiedas: Quantitative/Qualitative and Time-Series/Cross-Sectional3
TypesofDataQuantitative定量的Qualitative定性的Mathematical数学的Categorical分类的Age,height,weight,salary,milespergallon,lifeofalightbulbGender,haircolor,major,classification,maritalstatus,Likert-styledata,zipcode,ssn,phonenumber4
TypesofDataTime-Series时间序列Cross-Sectional横截面的DataobservedovertimeDataobservedatonepointintimeQuarterenrollment,weeklysales,dailysalespriceofagallonofgasNumberofbusiness[act,fin,is,…]majorsenrollingthistermStockpriceofTacoBell,KFC,Subwayatendofday5
LevelsofMeasurement测量LowestHighestNominal名义上Ordinal序数Interval区间Ratio比率6
LevelsofMeasurementNominal Codeddata,codesmayormaynotbeanumber,NOTmathematicalExamples: 1.ACT2.FIN3.IS S–SingleM–MarriedD-Divorced7
LevelsofMeasurementOrdinal Dataarerank-ordered,orderismeaningful,differencesbetweenrankingsnotmeaningfulExamples: Sportsrankings,Earthquakemagnitude[Richterscale]8
LevelsofMeasurementInterval Similartoordinaldata,WITHdifferencesbetweendatavaluesbeingmeaningful,BUTratiooftwodatavaluesnotmeaningfulExamples: Temperature,shoesize9
LevelsofMeasurementRatio RatiooftwodatavaluesISmeaningfulExamples: Income,distance,time,weight,height10
DataCollectionMethodsPrimarySecondaryDatacollectedfirst-handData
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