Business Statistics

1
Business Statistics
BU305 Chapter 1 Introduction
2
Chapter 1

• Data Collection (starts the process)
• Data set / data array
• -variables in data set
• -data elements
• Table 1.1 (file shadow)

3
Chapter 1

• Types of data for variables
• Quantitative (numeric/measured)
• -continuous how tall are you
• -discrete no. of phones calls
• Qualitative (attribute/grouped)
• -catagorical/nominal male/female
• Ranked data
• -ordinal (first, second, etc.)
• -use non-parametric stats

4
Chapter 1

• What to do? Plot your data
• Organize, summarize, analyze
• use graphs/tabular summaries to organize
• use descriptive stats to summarize
• use time series to predict
• use inferential (sampling) stats to analyze