BUSS1020 Lecture 1: organizing data
Document Summary
Statistics: methods that collect, describe, transform data into useful insights for decision making. Uses of statistics (cid:120) summarize business data (summarize and visualize) eg. descriptive (cid:120) draw conclusion from data (glean insights and make references) (cid:120) make reliable forecasts about business activities (accuracy, predictive) (cid:120) Improve business process (understand data and make decision) *descriptive statistics: methods help collect, summarize, present, analyse a set of data. (use graphical techniques or numerical techniques, stated as exact numbers). It uses measure of central tendency and dispersion. (aim to describe the characteristics of data) Descriptive statistics is that branch of statistics which is concerned with describing the population under study. Inferential statistics is a type of statistics, that focuses on drawing conclusions about the population, on the basis of sample analysis and observation. Compares, test and predicts data. present data in a meaningful way. To explain the chances of occurrence of an event. It explains the data, which is already known, to summarize sample.