Summary
Summary Stats 188 unit 1 notes
- Course
- Institution
Summary of Stats 188 chapter 1, which is covered in the first term.
[Show more]
1 review
By: eckojvr • 1 year ago
Seller
Follow
juliayates19
Reviews received
Content preview
CHAPTER 1: DEFINING ANDCOLLECTING DATA
Statistics = the collection of methods that allow one to work with data
effectively
Statistics is a tool to obtain information from data
Provides us with a formal basis to:
● summarise + visualise data
● Reach conclusions about the data
● Make reliable predictions about business activities
● Improve the business process
To minimise errors → use the DCOVA framework
● Define the data that you want to study to meet an objective
● Collect the data from appropriate sources
● Organise the data collected by developing tables
● Visualise the data by developing charts
● Analyse the data collected, reach conclusions, and present results
BUSINESS ANALYTICS
Combine statistical methods with management science and information systems →
to form an interdisciplinary tool that supports fact-based decision making
This includes:
● Statistical methods to analyse & explore data that can uncover previously
unknown / unforeseen relationships
● Information systems methods to collect & process datasets of all sizes
○ Including very large datasets that would otherwise be hard to use
effectively
● Management science methods to develop optimisation models that support all
levels of management
○ From strategic management → daily operations
,DATA SCIENCE
Data science = the field of study that combines domain expertise, programming
skills, and knowledge of mathematics and statistics to extract meaningful insights
from data.
Data science practitioners use their methods to:
● Use a wide range of tools + techniques for evaluating and preparing data
● Extract insights from data → using predictive analytics and artificial
intelligence
○ Including machine learning and deep learning models
● Write applications that automate data processing calculations
● Tell and illustrate stories that clearly convey the meaning of results to
decision-makers and stakeholders at every level of technical knowledge and
understanding
● Explain how these results can be used to solve business problems
BIG DATA
(E.G. tickets being sold for concerts with 3000 people)
Big data = a collection of data that cannot be easily browsed r analysed using
traditional methods
● Big data = collected in massive volumes, at very fast rates, and in a variety of
forms
● Might refer to large databases of structured data stored in files / worksheets
● Big data might be unstructured such that the data have an irregular pattern
and contain values that are not comprehensible without further interpretation.
○ Unstructured data could be: text, pictures, videos or audio
, CLASSIFYING VARIABLES BY TYPE
CATEGORICAL (qualitative) VARIABLES → take categories as their values
(e.g. “yes” , “no” , or “blue” , “brown” , “green” )
NUMERICAL (quantitative) VARIABLES → Have values that represent a counted /
measured quantity
● DISCRETE VARIABLES arise from a counting process
○ Values = countable over a finite range
○ A number of something
■ (E.G. No. of books sold) AA`
● CONTINUOUS VARIABLES arise from a measuring process
○ Values = uncountable over a finite range
○ Takes any value in an interval
■ (E.G. how long you were waiting in the line for)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller juliayates19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.25. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now