QMS 102 Lecture 1: Introduction to Business Statistics

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Document Summary

Every subject has some sort of data to justify their statistics. Data: information or facts in a form that can be stored and used. Descriptive - collecting, organizing, presenting, and analyzing data. Inferential - uses date that has been collected from a small portion of the group to infer/conclude something about a larger group. When you have limited access to a population. Summarize, visualize, present data - tables & graphs. Estimation - estimate the population mean weight using the sample mean weight. Hypothesis testing - test the claim that the population mean weight is 120. Data collection - the process of gathering information using questionnaires/surveys, interviews, experiments, eld study, etc. Primary data - the original data that are collected directly from the respondents using surveys, observations, labs. It could also involve measurements of the object. subject of interest. Secondary data - collected by another party source.

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