Quantitative Business Analysis QBA 120 Lecture Notes - Lecture 1: Design Of Experiments, Simple Random Sample, Systematic Sampling

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Involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical and categorical information. Sampling is when data is selected from some larger set of data whose characteristics we wish to estimate. Drawing conclusions (making estimates, decisions, predictions, etc. ) about the sets of data based on sampling. Descriptive statistics: utilizes numerical and graphical methods to explore data i. e. to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics: utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. An experimental (or observational) unit is an object (e. g. person, thing, transaction, or event) upon which we collect data. A population is a set of units (usually people, objects, transactions, or events) that we are interested in studying. Each set includes all the experimental units in the population of interest.

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