BUS 082 Lecture Notes - Lecture 9: Statistical Inference, Operational Definition, Observational Study

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 082
• Professor: bettencourt

Document Summary

Data deluge more and more processes and data, everyone will need analytics. Organise the data prepare it for analysis, summarise. Used to summarise and draw conclusions from business data, make forecasts. Descriptive statistics about business activities, and improve business processes. Collecting (e. g. survey), summarising (e. g. average), presenting (e. g. Collecting (e. g. survey), summarising (e. g. average), presenting (e. g. tables and graphs) and organising data. Using a model and data to make forecasts of outcomes. Predicting the amount a new customer will spend based on their attributes. Using data collected from a small group to draw conclusions about a larger group. Estimation estimate the population average using a sample average. Hypothesis testing the claim that population average spent in one group is larger than another group. Variables characteristics of an individual or item. Data observed values or outcomes of one or more variables. Operational definition clearly defined, universally accepted meaning. Population all items you wish to draw a conclusion about.