ECO220Y1 Chapter Notes - Chapter 1: Scale-Invariant Feature Transform, Data Analysis, Stock Market
ECO220
May 2018
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Chapter 1: Introduction to Statistics
LO 1.1 So what is statistics?
Q: What is statistics?
A: Statistics is a way of reasoning, along with a collection of tools and methods, designed to
help us understand the world.
Q: What are data?
A: Data are values, along with their context.
Data analysis: statistical analysis of large amounts of data in order to sift out the key
information needed for corporate planning
20th- and 21st- Century Statistics
Analyzing Large Amounts of Data
• Analyze large databases for patterns
o E.g. Stock market data to see what factors are associated with an increase in share
price
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ECO220Y1 Full Course Notes
Verified Note
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Document Summary
A: statistics is a way of reasoning, along with a collection of tools and methods, designed to help us understand the world. A: data are values, along with their context. Data analysis: statistical analysis of large amounts of data in order to sift out the key information needed for corporate planning. Analyzing large amounts of data: analyze large databases for patterns, e. g. Stock market data to see what factors are associated with an increase in share price. Analyzing small amounts of data: survey a small sample and generalize the results to a much large population. 21st-century statistics: today much of the analysis is performed in real time (the moment the data becomes available, the amounts of data available to us are much larger than ever before. The cutting edge: the more open-ending questions challenge us to think outside the box and apply statistical thinking in unusual ways, by doing so, we can gain a competitive advantage, e. g.
