MGMT 4B Lecture Notes - Lecture 1: Statistical Process Control, Qualitative Property, Level Of Measurement

• School: UC-Irvine
• Department: Management
• Course: MGMT 4B
• Professor: Peter Navarro

Document Summary

Data - gain information which increases your knowledge and become better decision makers. Statistics help people use the data to create the information and then increase their knowledge. Can refer to numerical facts (such as averages, medians, percents and index numbers) that help us understand a variety of business of economic situations. Can also refer to the art and science of collecting, analyzing, presenting, and interpreting data. Economics - use statistical information in making forecasts about the future of. Marketing - electronic point0of0sale scanners at retail counters are used to the economy collect data. Production - variety of statistical quality control charts. Data - are the facts and figures collected. Elements are the entities on which data are collected. Variable is a characteristic of interest for the elements. Observation is the set of measurements obtained for a particular element. A data set with n elements contains n observations.