STATISTICS IN BUSINESS | G1

avatar
Created by
Jo Guintadcan

Cards (9)

  • Data - is where information refers to facts that are collected, analyzed, and interpreted for various purposes.
  • Data sets - are organized collection of data that is proved to be more useful to organizations.
  • TYPES OF DATA SETS
    1. Numerical Datasets
    2. Bivariate Datasets
    3. Multivariate Datasets
    4. Categorical Datasets
    5. Correlational Datasets
  • STATISTICS AS A FIELD OF STUDY - Deemed as a meta-science or meta-language that aims to collect, analyze, summarize and interpret data.(Stephenson 2000)
  • STATISTICS IN BUSINESS - Never ending process to make an idea more accurate and acceptable to serve as bridge between initial and informed business judgement. (Heyworth 1950)
  • 2 BRACNHES OF STATISTICS
    1. DESCRIPTIVE STATISTICS
    2. INFERENTIAL STATISTICS
  • Descriptive statistics
    Purpose: Help describe and summarize the parameters of the population or statistics of the sample.
  • Inferential statistics
    Purpose: Inferential statistics is used to estimate parameters and test hypothesis with the data from the samples. This can lead to the generalization of data to the population.
  • BASIS IN CHOOSING STATISTICS TO USE
    1. Type of data
    2. Research Question
    3. Sample size
    4. Assumptions
    5. Nature of relationship
    6. Relevance
    7. Accuracy
    8. Timeliness
    9. Comparability
    10. Interpretability