COMM 215 Lecture Notes - Lecture 1: Time Series, Rank, Statistical Hypothesis Testing
Document Summary
Business statistics: collection of procedures & techniques used to convert data into meaningful information in a business environment. Descriptive stat : procedures and techniques designed to describe data. Inferential stat : tools & techniques that help decision makers to draw inferences from a set of data. Experiment: process that produces a single outcome whose result cannot be predicted with certainty (e. g. : ipping a coin) Experimental design: plan performing an experiment in which the variable of interest is de ned. Closed-end qst: qst that require the respondent to select from a short list of de ned choices (multiple choice qst) Demographic qst: qst relating to the respondents characteristics, backgrounds & attributes. : poor reputation, limited scope and length. Open-end qst: qst that allow respondents the freedom to respond with any value, words or statements of their own choosing. Direct observation: data collected is physically observed & recorded based on what takes place in the process.
