STAT 2060 Chapter Notes - Chapter 1: Data Mining, Pricing Strategies, Simple Random Sample
15 Jan 2015
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Document Summary
Statistics: is the science of using data to: describe characteristics of a group of objects & make interferences about the group. Operationally, this involves: collection of data through various means, analysis and interpretation of the data. Goal of statistics: to produce estimators of the population parameters based on usually smaller sample, and to quantify the accuracy of these estimators through probabilities. Statistics and business decision making: statistics is used for the purpose of informed decision making that will lead to the most profitable outcome: data mining, e-commerce, forecasting, marketing, pricing strategies. Objectives: logical and critical thinking, good statistical skills. For use in a business decision setting. Sample: a subset of units selected from the population. Qualitative data: are categorical data usually used to denote various categories for example the months in a year. Quantitative data: are numerical data that are often measured in units such as in 12774$ Observational studies: where data is used from published sources.
