MIS171 Lecture Notes - Lecture 2: Data Analysis, Statistical Inference, Descriptive Statistics
Document Summary
Statistics: relates to the collection, analysis, interpretation and presentation of data. Statistical methods underpin many of the techniques utilised in analytics. Statistics is also the study of variation in data. In statistical studies the variables of interest are first identified. Then one or more factors are controlled so that data can be obtained about how the factors influence the variables. In observational studies no attempt is made to control or influence the variables of interest. Descriptive statistics = are the tabular, graphical and numerical methods used to summarise data. Inferential statistics = the process of using data obtained from a sample to make estimates and test claims about the characteristics of a population. Process of statistical inference: populatio(cid:374) co(cid:374)sists of all e(cid:373)ployees at grill"d. A(cid:448)erage producti(cid:448)ity is u(cid:374)k(cid:374)o(cid:449)(cid:374): a random sample of 48 employees is examines, the sample data provide a sample average productivity of 98. 9, the sample average is used to estimate the population average.
