New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Statistics Week One Notes

by: Taylor Hall

Statistics Week One Notes MGSC 291 001

Marketplace > University of South Carolina > MGSC 291 001 > Statistics Week One Notes
Taylor Hall
GPA 3.94
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Statistics for Business and Economics

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Statistics for Business and Economics notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

This covers the beginning notes about the importance of Statistics and covers Chapter One and the beginning of Chapter Two. Chapter One is the introduction to Statistics, including many definitions...
Statistics for Business and Economics
Stacey Mumbower
Class Notes




Popular in Statistics for Business and Economics

Popular in Department

This 3 page Class Notes was uploaded by Taylor Hall on Saturday August 27, 2016. The Class Notes belongs to MGSC 291 001 at University of South Carolina taught by Stacey Mumbower in Fall 2016. Since its upload, it has received 15 views.


Reviews for Statistics Week One Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 08/27/16
Statistics: Intro information  Data: What is it? o information we collect and organize o facts and figures o numbers and text  What is the point of Statistics? o To process data so that it is useful o Provide meaningful information in an easily accessible way o Answer questions o Tell a story  Help business leaders o Improved insight about operations o Make decisions that are: (prove your opinion is right)  Data-driven  Fact-based o Not based on speculation o EX: UPS, to increase productivity  Benefits of Data and Statistics o Reduce cost o Increase profit o Increase productivity o Better manage risk o Increase customer satisfaction  Companies need: o Translate data o Skills in high demand  Statistics  Data analysis  Business analysis  Ability to communicate Chapter 1: Intro to Statistics and Data  Population: consists of all items with the characteristics we want to understand  Sample: subset of the population  Important because we don’t have enough money, time and if it’s impossible  There is always a trade-off between accuracy and costs  Sample Statistics: the percentage from the sample  Population parameter: the unknown percent of voters  we use the sample statistic to make inferences about the unknown population parameter  inferences: act of deriving logical conclusion from premises known or assumed to be true  Types of Statistics:  Descriptive Statistics: summarizing important aspects of a data set. Includes collecting, organizing and presenting data (Chapter 1-3)  Inferential Statistics: Drawing conclusions about a population sample data from a population (Chapter 4-9, 12)  Data: facts and figures, numbers or text, collected through some type of measurement process  Data set: collection of data  Observations: rows of data  Variables: columns of data  Subject: individual IDs that represent who is surveyed  Ways data can be collected:  Times series data: Records a characteristic of a subject over several time periods (daily, weekly, monthly…) often displayed as a line chart  Value: response to a survey  Types of variables you can select  Qualitative: variables that use labels or names to identify distinguishing characteristics of observations  Quantitative: Meaningful numerical values  Discrete variable: a countable number of values  Continuous: infinites values in an interval  Measurement Scales:  Qualitative:  Nominal: categories for grouping the data  Ordinal:  Categorized and ranked by characteristics and trait  Magnitudes are meaningless and unknown (poor, fair, good, ect.)  Quantitative:  Interval:  Categorized and ranked by characteristics and trait  Magnitudes are meaningful  No absolute zero or starting point defined o Cannot take a ratio  Ratio:  Categorized and ranked by characteristics and trait  Magnitudes are meaningful  There is an absolute zero, and can make a ratio Chapter 2: Representing Data Through Tabular and Graphical Methods  Summarizing Data o Qualitative Data:  Frequency Distribution: Nominal information  Group data into categories and record how many observations fall into each category  Bar Chart: x axis has qualitative variable  X axis: categories  Y axis: frequencies  Relative Frequency Distribution  Frequency distribution (divided by) total observations o Quantitative Data  Frequency Distribution: groups data into intervals called classes and records the number of observations that fall into each class  Rules for classes: o Must be mutually exclusive: no overlapping o Must be exhaustive: no observations excluded form classes  Greater than, or equal to 500 but less than 600  Histogram: A visual representation of a frequency or a relative frequency distribution for a quantitative variable  Bar height represents frequency  Bar width represents class width  Will learn the different types in the future  Cumulative Relative Frequency:  Cumulative Frequency (divided by) total observations  Ogive: is a visual representation of a cumulative frequency or cumulative relative frequency distribution o Plot the cumulative frequency or CRF of each class using the upper limit of the class o Connect the neighboring points  Stem and Leaf Diagram  Stem: left most digits  Leaf: last digits  Scatter Plot: used to depict two potentially related variables  Each point is a pairing  Positive Linear  Positive curvilinear  Negative linear  Negative Curvilinear


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Anthony Lee UC Santa Barbara

"I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.