STAT 2060 Chapter Notes - Chapter 1: Statistical Unit, Statistical Inference, Data Mining
12 Jan 2013
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Document Summary
Statistics-science of using data to describe characteristics of a group of objects & to make inferences about the group. (involves collecting, classifying, summarizing, organizing, analysing, & interpreting info & data) Descriptive statistics- uses numbers & graphs to look at patterns in data set (summarizes info & present s in convenient form) Four elements of descriptive statistical problems: identify population or sample (collection of experimental units, identify variable(s, collect data, describe data. Inferential statistics- uses sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. Five elements of inferential statistical problems: identify population (collection of all experimental units, identify variable(s, collect sample data (subset of population, inference about population based on sample, measure of reliability for inference. *examples where statistics are used in business: data mining, e-commerce, forecasting, investment analysis, marketing, pricing strategies. Population- set of all units of interest (all employed workers in the usa)
