BUSS1020 Lecture Notes - Lecture 1: Business Analytics, Business Analysis, Statistical Model

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1020
• Professor: Erick Li

Document Summary

Lecture 1: introduction to business analytics and statistics: textbook pages 1-36. Note: these steps must be done in order. Three different branches of statistics used in business are: Statistics is the study of the collection, organisation, presentation, analysis and interpretation of data. Methods that collect, describe and transform data into useful insights / information for decision makers. Statistics allows you to determine whether your data represent information that could be used in making better decisions. Therefore, statistics helps you determine whether differences in the numbers are meaningful in a signi cant way or are due to chance: descriptive. Collecting, summarising, presenting and organising data: inferential. Using data collected from a small group to draw conclusions about a larger group: predictive. Using a model and data to make forecasts of outcomes. Descriptive statistics: collect data e. g. survey, summarise data e. g. sample average, present data e. g. tables and graphs.