What is Statistics
Definitions
Variable: an attribute that allows us to tell two (or more) objects apart.
Value: an expression of a variable that belongs to a specific object (may be a number, or a colour, or a sound, or something else).
Data: a collection of the values of variables for the set of objects.
Statistical Theory is concerned with the basic principles of manipulating data and roper procedures for the classes of statistical problems.
Applied Statistics is concerned with using the Statistical Theory to solve real-world problems.
Business Statistics: an applied Statistics field whose distinguishing feature is the overwhelming focus on improving the decision making process (aka making good decisions).
Descriptive Statistics provides summaries about the observations that have been made.
Inferential Statistics infers properties of a population, from studying a sample.
General Outline of a Statistical Project
- Ask a question;
- Design research methodology;
- Collect the data;
- Analyze the data;
- Draw conclusions;
- Relate your findings.
Read These
Important Things to Learn First in the textbook, pp. 1-10 [NOTE: we will not use the Minitab. You may skip any part that is just about that software].
Watch These
Figure 0010.085. Hans Rosling dares to predict the future.
Figure 0010.090. McNamara. Bombing Japan.
Figure 0010.100. Business Analytics: data trends let businesses spot new opportunities.
Answer These
What is Statistics?
What are data?
Why do we need probability theory to do the inferential Statistic?
Why do we not need probability theory to do the descriptive Statistic?
Figure 0010.080. Hans Rosling: Religions and babies.