BUSS1020 Lecture Notes - Lecture 1: Sole Proprietorship, Operational Definition, Statistical Hypothesis Testing
5 Jun 2018
School
Department
Course
Professor
Statistics: A Way of Thinking
1.
help apply statistics to business decision making.
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Define the data that you want to study in order to solve a problem or meet an
objective.
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Collect the data from appropriate sources.
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Clean it
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Prepare it for analysis
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Tabulate
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Summarize it
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Organize the data collected by developing tables.
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Visualize the data collected by developing charts.
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Analyze the data collected to reach conclusions and present those results.
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Consist of the following tasks:
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You must always do the first two tasks to have meaningful outcomes, but, in practice,
the order of the other three can change or appear inseparable.
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Certain ways of visualizing data help you to organize your data while performing
preliminary analysis as well.
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In any case, when you apply statistics to decision making, you should be able to identify
all five tasks, and you should verify that you have done the first two tasks before the
other three.
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Typically, you do the tasks in the order listed.
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Summarize and visualize business data
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Reach conclusions from those data
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Make reliable forecasts about business activities
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Improve business processes
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DCOVA helps apply statistics to four broad categories of business activities:
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The DCOVA Framework:
1. Important Things to Learn First
Sunday, 4 March 2018
3:36 PM
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