Chapter 1: Introduction to Statistics
1.1 So What is Statistics?
Basis for the global economy of the 21 century.
4 dramatic stages that the economy has gone (is going) through:
1. Agrithltural revolution (more food farmed than hunted and gathered)
2. 19 century industrial revolution (boom of factories and mass
3. 20 century information revolution (electronic products made our
industry more efficient and increased the amount of information at our
4. 21 century data analytics revolution (extracting meaning from all the
information; one way is through statistical analysis)
Data analytics: the statistical analysis of large amounts of data in order to sift
out key information needed for corporate planning.
20 and 21 century statistics:
o Analyze large amounts of data.
o Using small surveys to get results for large populations (sampling
21 century statistics:
o Analyzing data in real-time.
I.e. sales data can be incorporated into a statistical analysis of
global market trends the second they are received (sale is
made) and are immediately available to directors/executives.
Compared to the monthly/quarterly meetings held by