BUS 215 Chapter Notes - Chapter 1: Information Management, Data Modeling, Statistical Inference

• School: Stony Brook University
• Department: Business Management
• Course: BUS 215
• Professor: Shane Higuera

Document Summary

Statistics: science of collecting, organizing, analyzing, interpreting and presenting data: process progressive, steps or dependent. Important to collect data properly because it affects the other steps in process. Statistic: single measure reported as number used to summarize sample data set: parameter - summarizes population data set. C: it is important to know the difference between what a statistic and what statistics is. The former deals with a single more specified measure of a sample set whereas a parameter which is another single and more specified measure of a population set (a group that is larger than the sample set). The latter describes more of a process of getting the two measures (statistic and parameter) and involves a method of collecting, organizing, analyzing, interpreting and then presenting the data that is taken in. Requirement for participation: world continuously becoming more data rich, used to be competitive edge, now is required. Self-preservation: people who don"t understand, victimized but ppl who do.