BUSS1020 Lecture Notes - Lecture 1: Business Analysis, Prediction Interval, Interval Estimation

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1020
• Professor: any

Document Summary

Three different branches of analytics used in business. Descriptive: collecting, summarizing, presenting and analysing data, helps summarize business data aka tables and charts, collect/present/characterise data. Predictive: using a model and data to make forecasts of outcomes, predicting. Inferential: using data collected from a small group to draw conclusions about a larger group, also used to develop, quantify, and improve the accuracy of predictive models, estimation/hypothesis testing. Variables characteristics of an item or individual. Data on a variable is what you analyse when you use a statistical method. Data different values or outcomes associated with a variable. Operational definitions data values that are meaningless unless their variables have operational definitions aka universally accepted meanings that are clear to all associated with an analysis. Population consists of all the items or individuals about which you want to draw a conclusion. Sample the portion of the population selected for analysis. Parameter a numerical measure that describes a relevant characteristic of a population.