COB 191 Chapter Notes - Chapter 1: Business Statistics, Focus Group, Time Series
Document Summary
Statistics: mathematical science that deals with collection, analysis, and presentation of data that can be used as a basis for inference and induction. Business statistics: stats applied to the business field to improve people"s decision making in fields such as marketing, operations, finance, etc. Data: values assigned to specific observations/measurements raw facts and figures that pertain to a measurement of interest information: data transformed into useful facts that can be used for specific purpose. Direct observation: gathering data by observing subjects in natural habitat; adv: subjects unlikely to be influenced by data collection process focus group: indiv"s (often paid) discuss attitudes towards products/services in group setting controlled by moderator. Qualitative: (categorical) classified by descriptive terms: ratio: measure meaningful diff"s with true zero point (ex: income, nominal: lowest level of measurement; category, label (techniques. Descriptive stats: summarize and display data for quick overview of info; disadv: summarizing large quantities of data loses info.
