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Statistics
Statistics the art and science of collecting,
analyzing, presenting and interpreting data
Applications in Business
Accounting audit (sampling)
Finance analysis (data gathering)
Marketing compilation (data history)
Production quality control (testing)
Economics forecasting (data indicators)
DATA
Data the facts and figures collected, analyzed and
summarized for presentation and interpretation
Data Set all the data collected in a particular study
Elements the entities on which data are collected
Variable characteristic of interest for the elements
Observation the set of measurements obtained
for a particular element
Exchange
Ticker
Symbol
Business
Week
Rank
Share
Price
EPS
Hasbro
HAS
373
21
0.96
eBay
NQ
EBAY
19
43
0.57
IBM
IBM
216
93
4.94
Bristol
Myers
Squibb
BMY
346
26
1.21
Scales of Measurements
Nominal Scale the scale of measurement for a
variable when the data are labels or names used
to identify an attribute of an element. It can be
numeric or non-numeric.
e.g. Exchange (N or NQ) or (1 or 2)
Ordinal Scale The scale of measurement for a
variable if the data exhibit the properties of
nominal data and order or rank of the data is
meaningful.
e.g. Rank (numeric) or (non-numeric) {excellent,
good or poor}
Branches of Statistics
Descriptive Statistics uses tabular, graphical,
numerical summaries of data
- Stem and Leaf Display
- Cross-tabulations and Scatter Diagrams
Statistical Inference the process of using data
obtained from a sample to make estimates or
test hypotheses about the characteristics of a
population
Non-probability Sampling
1. Convenience Sampling (Accidental)
members are chosen based on relative ease
of access. Like friends, classmates, family, etc.
2. Snowball Sampling first respondent refers a
friend then refers another and so on.
3. Judgmental Sampling the researcher
choose the sample appropriate for study.
4. Deviant Case differ from dominant pattern
5. Case Study limited to one group
6. Ad Hoc quotas a quota is established