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STATISTICS
STATISTICS
• Statistics is a mathematical process of collecting, organizing,
presenting, analyzing and interpreting large data.
• Uses:
- provides information
- provides comparison
- helps recognize relationships
- estimates unknown quantities
- predicts future outcomes
SOME APPLICATIONS OF STATISTICS
• Education – evaluate students’ • Business
performance Accounting – audit (sampling)
• Psychology – interpret results of Finance – analysis (data gathering)
personality tests Marketing – compilation (data
history)
• Sports – summary of events in a Production – quality control (testing)
game Economics – forecasting (data
• Health Sciences – evaluation of indicators)
medical practices and
effectiveness of drugs
branches of statistics
DESCRIPTIVE INFERENTIAL
• describe the • compare groups
properties & • test hypothesis
characteristics of a
group of persons • draw conclusion
places or things • make predictions or
• summarize or present inferences about the
facts of the data we population based on
already have sample results
DATA AND VARIABLE
Data are facts and figures collected, analyzed and summarized for
presentation and interpretation
Data Set are all data collected in a particular study
Elements are entities on which data are collected
Variable characteristic of interest for the elements
Observation is set of measurements obtained for a particular element
Example: Table 1 - S&P Companies
Variables
Business
Ticker Share
Company Exchange Week EPS
Symbol Price
Rank
Hasbro N HAS 373 21 0.96
Discrete Continuous
Countable or finite Measurable,
• number of siblings infinite
• age, weight
SCALES OF MEASUREMENT
Nominal scale classifies data into various
distinct categories in which NO
ranking/order is implied.
Ex: Course section, religion