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A: Basically, statistics is the “science of data.” There are three main tasks in statistics: (A) collection and organization, (B) analysis, and (C) interpretation of data. (A) Collection and organization of data: We will see several methods of organizing data: graphically (through the use of charts and graphs) and numerically (through the use of tables of data). The type of organization we do depends on the type of analysis we wish to perform. | Business Statistics I QM 1 Lecture Notes by Stefan Waner 5th printing 2003 Department of Mathematics Hofstra University Business Statistcs I QM 001 5th printing 2003 Lecture Notes by Stefan Waner Table of Contents 0. Introduction.2 1. Describing Data Graphically.3 2. Measures of Central Tendency and Variability.8 3. Chebyshev s Rule The Empirical Rule.13 4. Introduction to Probability.15 5. Unions Intersections and Complements.23 6. Conditional Probability Independent Events.28 7. Discrete Random Variables.33 8. Binomial Random Variable.37 9. The Poisson and Hypergeometric Random Variables.44 10. Continuous Random Variables Uniform and Normal.46 11. Sampling Distributions and Central Limit Theorem.55 12. Confidence Interval for a Population Mean.61 13. Introduction to Hypothesis Testing.66 14. Observed Significance Small Samples.72 15. Confidence Intervals and Hypothesis Testing for the Proportion.75 1 Note Throughout these notes all references to the book refer to the class text Statistics for Business and Economics 8th Ed. by Anderson Sweeney Williams South-Western Thomson Learning 2002 Topic 0 Introduction Q What is statistics A Basically statistics is the science of data. There are three main tasks in statistics A collection and organization B analysis and C interpretation of data. A Collection and organization of data We will see several methods of organizing data graphically through the use of charts and graphs and numerically through the use of tables of data . The type of organization we do depends on the type of analysis we wish to perform. Quick Example Let us collect the status freshman sophomore junior senior of a group of 20 students in this class. We could then organize the data in any of the above ways. B Analysis of data Once the data is organized we can go ahead and compute various quantities called statistics or parameters associated with the data. Quick Example Assign 0 to freshmen 1 to sophomores etc. and compute the mean. C Interpretation of .
