ECO220Y1 Chapter Notes - Chapter 1: Industrial Revolution, Scale-Invariant Feature Transform
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ECO220Y1 Full Course Notes
Verified Note
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Document Summary
Basis for the global economy of the 21st century. Data analytics: the statistical analysis of large amounts of data in order to sift out key information needed for corporate planning. 20th and 21st century statistics: analyze large amounts of data, using small surveys to get results for large populations (sampling surveys). 21st century statistics: 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 Compared to the monthly/quarterly meetings held by managers in the 20th century (data often out of date): analyzing really vast amounts of data. A knowledge in statistics helps managers in corporate planning and is no longer left to just statisticians (i. e. over-booking flights). Cutting edge: thinking outside the box and applying statistical analysis in unusual ways when trying to solve more open-ended questions (i. e. google translate and the eu).
