Business Statistics and Data Analytics PDF

Unit 8 –Business Statistics and Data Analytics 8.2 Branches of statistics 1 What will be covered?  Introduction to inferential statistics  Population and sample  Introduction to descriptive statistics  Branches of descriptive statist...

Unit 8 –Business Statistics and Data Analytics 8.2 Branches of statistics 1 What will be covered?  Introduction to inferential statistics  Population and sample  Introduction to descriptive statistics  Branches of descriptive statistics 2 Two branches of statistics Statistics Inferential Descriptive 3 Inferential statistics  Inferential statistics takes data from a sample and makes inferences about the larger population from which the sample was drawn. 4 Population and sample  The totality of observations about which an inference may be drawn, or a generalization made, is called a population.  The part of totality, which is observed for data collection and analysis to gain knowledge about the population, is called a sample. 5 Population and sample (Cont.) 6 Descriptive Statistics  Deals with collecting, summarizing, and simplifying data, which are otherwise quite unwieldy and voluminous  They are simply a way to describe our data. 7 Areas of Descriptive statistics  Measures of central tendency: these are ways of describing the central position of a frequency distribution for a group of data.  Measures of dispersion: these are ways of summarizing a group of data by describing how spread out the scores are. 8 Areas of Descriptive statistics (Cont.) 9 THANK YOU! 10