ISDS 1100 Lecture : Isds Final Notes
15 Mar 2019
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Document Summary
Chapter 1: statistics for managers using microsoft excel. Statistics- a branch of mathematics that transforms numbers into useful information for decision makers. Make better sense of the world: internet articles/ reports, magazine articles, newspaper articles, television and radio reports. Make better business decisions: business memos, business research, technical journals, technical reports. To draw conclusions about a large group based on date collected from a small group of business data. To make reliable forecasts about business activities. Two different branches of statistics are used in business: Descriptive statistics: the methods that help collect, summarize, present and analyze data (tables and charts) Inferential statistics: the methods that use data collected from a small group to draw conclusions about a larger group. To visualize and summarize business data: descriptive methods used to create charts and tables. To draw conclusions from business data: inferential methods used to reach conclusions about a large group based on data from a smaller group.
