BUSS1020 Lecture Notes - Lecture 1: Sampling Frame, Observational Study, Business Analytics
27 Jul 2018
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Document Summary
Statistics (general) collection, analysis, interpretation, presentation, organisation of data. Methods that help transform data into useful information for decision makers. Increases use of business analytics sheer size makes preliminary exploration of data using older techniques impractical. Operational definition the universally accepted meaning of a variable. Population all items/individuals about which you want to draw a conclusion. Sample the portion of a population selected for analysis. Why: monetary/time expense to gain data from whole population: can be outdated by the time data collection is finished; less cumbersome/more practical to use sample. Begin with sampling frame (list of items in population that can be sampled) Includes population list, directory, social media users, maps: e. g. Us election 1948: population = us voters, sampling frame = us citizens with landline phones: must cover all aspects of the population (otherwise results in biased data, e. g. low income to high income, young to old. Parameter numerical measure that describes the relevant characteristic of a population.
