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Why is Statistics Important

Learn why statistics is vital for marketing, decision-making, and drawing conclusions from sampled data. Explore foundational concepts, such as variability and summarization. Practice statistical methods in population studies and data analysis.

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Why is Statistics Important

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  1. Why is Statistics Important Foundational Concepts

  2. Consider This • Marketing cheeseheadsto residents of Ashland & Bayfield counties (in 1990) • Need to know the mean age and percentage of males Foundations I

  3. How Should You Proceed? • Want to know the mean & percentage male for the entire population • Is this possible or reasonable? • The best we can do is look at a sample (i.e., a portion of the population) • How do we do that? • How are individuals selected? • How many individuals should be selected? Foundations I

  4. Complete the Class Exercise Foundations I

  5. Summary – Principles • We cannot “see” the entire population • i.e., we must sample to learn • Variability is everywhere • among individuals – Natural Variability • among summaries of samples – Sampling Variability • Conclusions are uncertain • because population is unknown and variability Statistics helps with these issues That is WHY you are here!!! Foundations I

  6. Summary – Goals of Statistics • Description / Summarization • Distill large amounts of data into a few informative numerical or graphical summaries • Inference • Make conclusions about the entire population from information gathered from the individuals in a sample Foundations I

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