Business Statistics: A Decision-Making Approach 7 th Edition. Chapter 1 The Where, Why, and How of Data Collection. What is Statistics? . Statistics is the development and application of methods to collect, analyze and interpret data.
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A Decision-Making Approach
a b c d
ef gh i jk l m n
o p q rs t u v w
x y z
g i n
o r u
All parts produced today
All sales receipts for November
A few parts selected for destructive testing
Every 100th receipt selected for audit
Not interested in……
Please read the book
Sample statisticsPopulation parameters
(known) Inference(unknown, but can
be estimated from
Drawing conclusions and/or making decisions concerning a populationbased on sample results.
Data Collection Methods
Direct observation and personal interview
Example: Major: __business __liberal arts
Example: What did you like best about this course?
Example: Gender: __Female __ Male
Categorical Codes ID Numbers Category Names
Time Series Data
Cross Section Data