ISDS 1100 Lecture : Stat Notes
15 Mar 2019
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Document Summary
Transforms numbers into useful information for decision makers. We learn cause it makes better sense of the world, and helps us make better decisions. Helps visualize and summarize business data, draw conclusions, make reliable forecasts, and improves business processes. Creative statistics-a stat that is a prediction (could be feasible or maybe it is true) Two different branches of stats used in business. Inferential- use collected data from small group to draw conclusions for larger groups. Variables- characteristics of an item and are what you analyze hen you use a stat method. Population-measures used to describe the population are called parameters. Parameter-numerical measure that describes a characteristic of population. Define:the variables for which you want to reach conclusions. Categorical: (qualitative) variables that have values that can be placed into categories such as yes or no. Numerical: (quantitative) variables that have values that represent quantities. Primary sources-data collector is the one using the data.
