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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
Business
Accounting audit (sampling)
Finance analysis (data gathering)
Marketing compilation (data
history)
Production quality control (testing)
Economics forecasting (data
indicators)
branches of statistics
DESCRIPTIVE
describe the
properties &
characteristics of a
group of persons
places or things
summarize or present
facts of the data we
already have
INFERENTIAL
compare groups
test hypothesis
draw conclusion
make predictions or
inferences about the
population based on
sample results
Exchange
Ticker
Symbol
HAS
eBay
NQ
IBM
Bristol
Myers
Squibb
Company
Hasbro
Elements
Business
Week
Rank
Share
Price
EPS
373
21
0.96
EBAY
19
43
0.57
IBM
216
93
4.94
BMY
346
26
1.21
Time Series Data are data collected over several time periods.
Help analysts understand what happened in the past, identify trends and project
future levels.
Quantitative/
Numerical
Qualitative/
Categorical
Non-numerical attributes
Gender, religion
Numerical attributes
Discrete
Countable or finite
number of siblings
Continuous
Measurable,
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
SCALES OF MEASUREMENT
Interval scale is an ordered scale in which the difference
between measurements is a meaningful quantity, but
does not have true zero.
Ex: Temperature in Fahrenheit and Celsius
SAMPLING
Sampling is the process of selecting units (e.g. persons, organizations,
items) from a population of interest.
Probability Sampling. A process of selecting a sample in such a way
that all individual in the defined population have an equal and
independent chance of being selected through randomization.
Non-Probability Sampling. The samples or subjects that are needed
are merely taken or selected for the purpose of the study.
PROBABILITY SAMPLING
Simple Random Sampling basic method of sampling from a
population randomly
Systematic Random Sampling method in which we randomly select
every kth element of ordered population.
Stratified Sampling method in which the population is first divided
into strata and a simple random sample is then taken from each
stratum.
Cluster Sampling method in which the population is first divided
into clusters and then a simple random sample of the clusters is
taken.
NON-PROBABILITY SAMPLING
Convenience Sampling (Accidental) members are chosen based on
relative ease of access. Like friends, classmates, family, etc.
Judgmental Sampling the researcher choose the sample appropriate
for study.
Snowball Sampling first respondent refers a friend then refers
another and so on.
END OF LECTURE