STAT 1100 Chapter Notes - Chapter 1: Ion, Ob River, Royal Institute Of Technology
Document Summary
The where, why, and how of data collection. Business statistics is the discipline that studies: data collection techniques and algorithms, data analysis to make sense of such data, with the purpose of decision making in a business envi- ronment. It is a collection of tools used to describe data, using: graphs, charts, numerical measures. Descriptive techniques may require large amounts of data to produce good results. When you need to get meaningful information from lim- ited data, you will have to use an inferential procedure. The goal of these procedures is to learn something useful about the population without having to examine each in- dividual element. Inferential procedures can be divided in two categories: estimation: this is the task of inferring general prop- erties about a given population based on a subset of its elements. For exam- ple, you want to know that the widgets you produce have a life of 1,000 hours .
