Textbook Notes (358,679)
Canada (155,793)
Statistics (27)
STAT 2060 (6)
Peter Kim (6)
Chapter 1

Chapter 1.docx

2 Pages
115 Views
Unlock Document

School
University of Guelph
Department
Statistics
Course
STAT 2060
Professor
Peter Kim
Semester
Winter

Description
Chapter 1: Statistics, Data, and Statistical Thinking 1.1 The Science of Statistics 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) 1.2 Types of Statistical Applications in Business 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: 1. Identify population or sample (collection of experimental units) 2. Identify variable(s) 3. Collect data 4. 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: 1. Identify population (collection of all experimental units) 2. Identify variable(s) 3. Collect sample data (subset of population) 4. Inference about population based on sample 5. Measure of reliability for inference *Examples where statistics are used in business: data mining, e-commerce, forecasting, investment analysis, marketing, pricing strategies 1.3 Fundamental Elements of Statistics Unit- objects on which measurements are recorded Population- set of all units of interest(all employed workers in the USA) Parameter-numerical characteristics of a population Variable- characteristic or property of an individual experimental unit (age, gender, income, etc.) Measurement- process used to assign numbers to variables of individual population units (scale ratings) Census- measuring a variable for every experimental unit of a population Sample- subset of the units of a population (any set of output produced by a process) Estimator- numerical characteristics of the sample Statistical Inference- estimate, prediction or some other generalization about a population based on information containe
More Less

Related notes for STAT 2060

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.

Submit