Chapter 1. An Introduction to Business Statistics. Statistics When it is singular, it refers to the sciences of statistics that help us collect, organize, and interpret Data. When it is plural, it refers to the data themselves, especially those that describe or summarize something.
An Introduction to Business Statistics
The process of determining the extent, quantity, amount, etc, of the variable of interest for a particular item of the population.
The possible measurements are numbers that represent quantities, ‘how many ’ or ‘how much’
When initiating a study, we first define our variable of interest, or response variable. Other variables, called factors, may be related to the response variable interest will also be measured.
A descriptive category to which a population unit belongs: a descriptive attribute of a population unit.
The process of collecting the population of all measurements is a census.
A subset of population units.
Example: the percentage of college students who use Dell computer.
Example: the percentage of students selected nationwide using Dell computer.
The science of describing the important aspects of a set of measurements.
The science of using a sample of measurements to make generalizations about the important aspects of a population of measurements.
A random sample is a sample selected from a population so that: