CCT226H5 Lecture Notes - Lecture 1: Data Analysis, Business Analytics, Statistical Inference
6 Sep 2018
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Overview: data analysis and statistics, data, data sources, descriptive statistics, statistical inference. Hudson auto repair: examining costs of parts based on customer invoices, tabular summary: frequency and percent frequency, ex. Average cost of parts is unknown: 2) sample of 50 engine tune-ups examined, 3) sample data provide a sample average parts cost of /tune-up, 4) sample average is used to estimate the population average. Descriptive statistics: understanding numerical (quantitative) and categorical (qualitative) data types in a dataset, ex. Categorical: gender (even if encoded with binary numbers; discrete data; only 2 options so still qualitative), number of children (same reason discrete), opinion (good, okay, bad, etc. It is one of the statistical functions to count the number of cells that meet a criterion: vlookup function. It is one of the lookup and reference functions, when you need to find things in a table or a range by row.
