BUAD 310g Chapter Notes - Chapter 1: Operations Management, Pie Chart, Statistical Inference
22 Nov 2016
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Chapter 1, overview of statistics: 1. 1, 1. 2, 1. 3. Statistics is collecting, organizing, analyzing, interpreting and presenting data aka data science. Statistics used in every academic field and area of business. Statistics- the science of collecting, organizing, analyzing, interpreting, and presenting data. Statistic- a single measure, reported as a number, used to summarize a sample data set. Average and maximum are examples of a statistic. Descriptive statistics: collection, organization, presentation, and summary of data (either using charts and graphs or using a numerical summary) Inferential statistics: generalizing from a sample to a population, estimating unknown population parameters, drawing conclusions, and making decisions. ^pie chart indicates one representation of statistical analysis with many variables. If one studies statistics, then they will learn how to interpret a graph like this. Will make you a better consumer of other people"s data analysis. Statistical knowledge gives upper-hand in comparison with companies that don"t know their internal or external market.
