BUSINESS STATISTICS I
WHAT IS STATISTICS?
“Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting
data to assist in making effective decisions.”Data transforms into Information
Statistics can be....
-Collecting and describing the data
-Collect Data eg Survey
-Present Data eg Tables and Graphs
What is Data? Observed values of variables or responses to a survey.
Titles are called variables.
There are two types of Data: Qualitative (Categorized) which can be summarized by
graphs or proportions/ratios/percentage and Quantitative(Numerical) which can be
summarized by graphs and/or numerical description(mean, median, mode, standard
Collect Data through questionnaire/survey, a designed experiment, and an observed
Classification of Data
Type of Data Measurement Scale
Quantitative Data Discrete (20 years) or Continuous(20 years 3months) Interval/Ratio
Qualitative Data Nominal has no order or Ordinal which has order such as medals in the
Olympics. ( ) 20 “ “ 30
( )30 “ “ 40 Range or Categorical (Qualitative)
( ) 40 “ “ 50
( ) above 50
Interval: '0' is only an arbitrary reference point
'0' does not mean “nothing” *Only addition and subtraction
Addition/Subtraction data vales and get meaningful results.