St-260 Week 1
St-260 Week 1 ST 260
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This 2 page Class Notes was uploaded by Carter Cox on Monday September 5, 2016. The Class Notes belongs to ST 260 at University of Alabama - Tuscaloosa taught by Dr. Marcus Perry in Fall 2016. Since its upload, it has received 52 views. For similar materials see Statistical Data Analysis in Business at University of Alabama - Tuscaloosa.
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Date Created: 09/05/16
Stats 260 Week One Notes Statistics - Science of…. Data o Collecting o Organizing o Summarizing o Interpreting - Why? Purpose of decision making - Blend of skills and knowledge Data to Information - data is often numbers Types of Statistics - Descriptive o Summarizes data - Inferential o Summarizes and allows inference to a population o Specify Parameter Sources of Data - Surveys o Advantage: Directly related to problem o Disadvantage: Expensive in time and money - Experiments o Advantage: Directly related to problem o Disadvantage: Expensive in time and money - Data Basses o Advantage: inexpensive o Disadvantage: data collected by 3 party not directly related to your problem Good Sampling Design - What, how, where, when, who… to measure - Format of recorded data Strategies - Simple random sample - Stratified sample: o Male/ female - Multistage/ cluster Dirty data - Misleading - Duplicate - Incorrect - Inaccurate - Nonintegrated Data Types Variable - any measurable characteristic of a person or thing - Always observe… when reviewing data set o The number of variables o The type of variable Types of Variables - Quantitative o If averages or differences have meaning Length, width, time, income o Discrete Countable possible outcomes o Continuous Any value in an interval can occur - Qualitative (categorical) o Classify people or things Color, nationality, gender o Ordinal Natural ordering Good, better, best o Nominal By name only, no natural ordering Male, female, red blue Interval Vs Ratio Data - Difference is that interval data does not have an established non arbitrary zero point - Temp is interval data
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