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CHAPTER 1:. INTRODUCTION. WHAT IS STATISTICS?. Definition Statistics is a group of methods used to collect, analyze, present, and interpret data and to make decisions. TYPES OF STATISTICS. Definition

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chapter 1

CHAPTER 1:

INTRODUCTION

what is statistics
WHAT IS STATISTICS?
  • Definition
  • Statistics is a group of methods used to collect, analyze, present, and interpret data and to make decisions.
types of statistics
TYPES OF STATISTICS
  • Definition
  • Descriptive Statistics consists of methods for organizing, displaying, and describing data by using tables, graphs, and summary measures.
types of statistics1
TYPES OF STATISTICS
  • Definition
  • Inferential Statistics consists of methods that use sample results to help make decisions or predictions about a population.
population versus sample
POPULATION VERSUS SAMPLE
  • Definition
  • A population consists of all elements – individuals, items, or objects – whose characteristics are being studied. The population that is being studied is also called the target population.
population versus sample cont
POPULATION VERSUS SAMPLE cont.
  • Definition
  • A portion of the population selected for study is referred to as a sample.
population versus sample cont1
POPULATION VERSUS SAMPLE cont.
  • Definition
  • A survey that includes every member of the population is called a census. The technique of collecting information from a portion of the population is called a sample survey.
population versus sample cont2
POPULATION VERSUS SAMPLE cont.
  • Definition
  • A sample that represents the characteristics of the population as closely as possible is called a representative sample.
population versus sample cont3
POPULATION VERSUS SAMPLE cont.
  • Definition
  • A sample drawn in such a way that each element of the population has a chance of being selected is called a random sample. If the chance of being selected is the same for each element of the population, it is called a simple random sample.
basic terms
BASIC TERMS

Table 1.1 2001 Sales of Seven U.S. Companies

Variable

An observation or measurement

An element or a member

basic terms cont
BASIC TERMS cont.
  • Definition
  • An element or member of a sample or population is a specific subject or object (for example, a person, firm, item, state, or country) about which the information is collected.
basic terms cont1
BASIC TERMS cont.
  • Definition
  • A variable is a characteristic under study that assumes different values for different elements. In contrast to a variable, the value of a constant is fixed.
basic terms cont2
BASIC TERMS cont.
  • Definition
  • The value of a variable for an element is called an observation or measurement.
basic terms cont3
BASIC TERMS cont.
  • Definition
  • A data set is a collection of observations on one or more variables.
types of variables
TYPES OF VARIABLES
  • Quantitative Variables
    • Discrete Variables
    • Continuous Variables
  • Qualitative or Categorical Variables
quantitative variables
Quantitative Variables
  • Definition
  • A variable that can be measured numerically is called a quantitative variable. The data collected on a quantitative variable are called quantitative data.
quantitative variables cont
Quantitative Variables cont.
  • Definition
  • A variable whose values are countable is called a discrete variable. In other words, a discrete variable can assume only certain values with no intermediate values.
quantitative variables cont1
Quantitative Variables cont.
  • Definition
  • A variable that can assume any numerical value over a certain interval or intervals is called a continuous variable.
qualitative or categorical variables
Qualitative or Categorical Variables
  • Definition
  • A variable that cannot assume a numerical value but can be classified into two or more nonnumeric categories is called a qualitative or categorical variable. The data collected on such a variable are called qualitative data.
cross section versus time series data
CROSS-SECTION VERSUS TIME-SERIES DATA
  • Cross-Section Data
  • Time-Series Data
cross section data
Cross-Section Data
  • Definition
  • Data collected on different elements at the same point in time or for the same period of time are called cross-section data.
time series data
Time-Series Data
  • Definition
  • Data collected on the same element for the same variable at different points in time or for different periods of time are called time-series data.
table 1 3
Table 1.3

Price of a 30-Second TV Commercial During Super Bowl Telecast

sources of data
SOURCES OF DATA
  • Data may be obtained from
    • Internal sources
    • External sources
    • Surveys and experiments
summation notation
SUMMATION NOTATION
  • Example 1-1
  • Annual salaries (in thousands of dollars) of four workers are 75, 42, 125, and 61. Find
      • ∑x
      • (∑x)²
      • ∑x²
solution 1 1
Solution 1-1
  • ∑x = x1+ x2+ x3+ x4

= 75 + 42 + 125 + 61

= 303 = $303,000

  • (∑x)² = (303)² = 91,809
  • ∑x² = (75)² + (42)² + (125)² + (61)²

= 5625 + 1764 + 15,625 + 3721

= 26,735

example 1 2
Example 1-2

The following table lists four pairs of m and f values:

Compute the following:

  • Σm
  • Σf²
  • Σmf
  • Σm²f
solution 2 1
Solution 2-1

Table 1.4