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Business Statistics: Introduction and Data Collection

This document provides an introduction to business statistics, including how statistics are used in business, sources of data, and types of data. It discusses key definitions like population, sample, parameter, and statistic. It also outlines the two main branches of statistics - descriptive statistics, which involves collecting, summarizing, and presenting data, and inferential statistics, which draws conclusions about populations based on samples. Finally, it covers types of data and different measurement scales.

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Nuzhat Mahsa
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35 views13 pages

Business Statistics: Introduction and Data Collection

This document provides an introduction to business statistics, including how statistics are used in business, sources of data, and types of data. It discusses key definitions like population, sample, parameter, and statistic. It also outlines the two main branches of statistics - descriptive statistics, which involves collecting, summarizing, and presenting data, and inferential statistics, which draws conclusions about populations based on samples. Finally, it covers types of data and different measurement scales.

Uploaded by

Nuzhat Mahsa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Business Statistics

Introduction and Data Collection

Dr. K. M. Salah Uddin


Associate Professor
Department of MIS, University of Dhaka
Contents

 How Statistics is used in business


 The sources of data used in business
 The types of data used in business
Basic Concepts of Statistics

Statistics is concerned with:

 Processing and analyzing data


 Collecting, presenting, and transforming
data to assist decision makers
Key Definitions
 A population (universe) is the collection of all
members of a group
 A sample is a portion of the population
selected for analysis
 A parameter is a numerical measure that
describes a characteristic of a population
 A statistic is a numerical measure that
describes a characteristic of a sample
Population vs. Sample

Population Sample

a b cd b c
ef gh i jk l m n gi n
o p q rs t u v w o r u
x y z y

Measures used to describe a Measures computed from


population are called sample data are called
parameters statistic
Two Branches of Statistics

 Descriptive statistics
 Collecting, summarizing, and presenting data
 Inferential statistics
 Drawing conclusions about a population based
only on sample data
Descriptive Statistics

 Collect data
 e.g., Survey
 Present data
 e.g., Tables and graphs
 Characterize data
 e.g., Sample mean =  X i

n
Inferential Statistics
 Estimation
 e.g., Estimate the population

mean weight using the sample


mean weight
 Hypothesis testing
 e.g., Test the claim that the

population mean weight is 120


pounds

Drawing conclusions about a population based on


sample results.
Collecting Data
Primary Secondary
Data Collection Data Compilation

Print or Electronic

Observation Survey

Experimentation
Types of Data

Examples:
 Marital Status
 Political Party
 Eye Color
(Defined categories) Examples: Examples:
 Number of Children  Weight
 Defects per hour  Voltage
(Counted items) (Measured characteristics)
Levels of Measurement
and Measurement Scales
Differences between Highest Level
measurements, true Ratio Data
zero exists (Strongest forms of
measurement)

Differences between
measurements but no Interval Data
true zero
Higher Levels
Ordered Categories
(rankings, order, or Ordinal Data
scaling)

Categories (no Lowest Level


ordering or direction) Nominal Data (Weakest form of
measurement)
Levels of Measurement
and Measurement Scales
EXAMPLES:
Differences between Height, Age, Weekly Food
Ratio Data measurements, true
Spending
zero exists

Differences between Temperature in


Interval Data measurements but no Fahrenheit, Standardized
true zero exam score

Service quality rating,


Ordered Categories
Ordinal Data (rankings, order, or scaling) Standard & Poor’s bond
rating, Student letter
grades

Categories (no ordering Marital status, Type of car


Nominal Data or direction) owned
Chapter Summary

 Reviewed basic concepts of statistics:


¨ Population vs. Sample
¨ Parameter vs. Statistic
¨ Primary vs. Secondary data sources

 Defined descriptive vs. inferential statistics


 Reviewed types of data and measurement scales
¨ Categorical vs. Numerical data
¨ Discrete vs. Continuous data
¨ Nominal and Ordinal scales
¨ Interval and Ratio scales

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