BUSS1020 Lecture Notes - Lecture 1: Mobile Phone, Big Data, Inventory Turnover

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

Document Summary

Descriptive collecting, summarizing, presenting & organising data. Predictive using a model & data to make forecasts of outcomes improve business processes inferential using data collected from a small group to draw conclusions about a large group. Estimation e. g. estimate population average amount spent using sample average spent. Hypothesis testing e. g. test the claims that population average amount spent in one group is larger than that in another group. Variable characteristics of an item or individual. Data observed values or outcomes of one or more variables. Operational definition variables should have universally accepted meanings that are clear to all associated with an analysis (clearly defined meaning) Population large group all items/individuals to draw a conclusion about. Sample small group portion of a population selected for analysis. Parameter numerical measure that describes a relevant characteristic of a population. Statistic numerical measure that describes a relevant characteristic of a sample (often estimates parameter)