2. 2
Components Weightings Due Dates
Individual Assignment 20% Week 12
Quizzes(1, 2) 10% Week 4,13
Mid Sem Exam 20% Week 8
Final Examination 50%
3. Students will be able to:
◦ Understand the meaning and use of statistics
◦ Distinguish between Descriptive and Inferential
statistics.
◦ To discuss sources and types of data
◦ Limitations of statistics
◦ Understand statistics in economics and commerce
3
4. Statistics is the scientific method that
enables us to make decisions as
responsibly as possible.
4
5. Plays an important role in many facets of
human endeavour
Occurs remarkably frequently in our everyday
lives
Is often incorrectly thought of as just a
collection of data, graphs and diagrams
5
7. 1. Collecting pertinent information that is as reliable as
possible.
2. Selecting the parts of the available information that are
most helpful to make rational decisions.
3. Making the actual decisions as sensibly as possible on
the basis of the available evidence.
4. Perceiving the risks entailed in the particular decision
made, and evaluating the corresponding risks of
alternative actions.
7
14. Especially relates to:
◦ Determining whether characteristics of a
situation are unusual or if they have happened
by chance
◦ Estimating values of numerical quantities and
determining the reliability of those estimates
◦ Using past occurrences to attempt to predict the
future
14
15. Virtually everything varies
Variation occurs among individuals
Variation occurs within any one individual
as time passes
15
16. Affects the reliability of information:
◦ Conclusions reached from one set of people may
or may not carry over to a different set.
◦ Conclusions made today may not be valid in the
future.
16
20. Rank data (e.g. where individuals or objects are ranked
according to a criterion)
Categorical data or classification data involves placing
observations into categories (e.g. eye colour or gender)
Primary data are information collected by the person or
organisation that will be using the information
Secondary data are information already collected by
someone else
20
21. Think of statistical methods as a component
of decision making, but not the whole story.
You want to supplement – not replacement –
business experience, common sense, and
intuition.
22. Data set: information about some group of
individuals.
◦ Measurements.
Units of observations: the objects described by
data set.
◦ Examples: people; Countries; Housing units etc.
Variable: any characteristics of units of
observations.
36. Continuous Data can take any value (within a range)
Examples:
A person's height: could be any value (within the range of human heights),
not just certain fixed heights,
Time in a race: you could even measure it to fractions of a second,
A dog's weight,
The length of a leaf,
Lots more!
Discrete Data: Examples
• Number of houses renewed: 50
• Number of Islands: 1190
• Number of participants in the class: 8
37. Croucher, John S.
Introductory mathematics and statistics
for business
Chapter S1: Introduction to statistics
Chapter S2: Visual presentation of data
