bg business statistics chapter1 9689

Chapter 1: Data and Statistics TRỊNH THỊ HƯỜNG Thuongmai University, Hanoi, Vietnam trinhthihuong@tmu.edu.vn January 4, 2021 T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Table of contents Statistics in Practice Applications in business and economics Data Data sources Descriptive statistics Statistical inference Computers and statistical analysis EXERCISES T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Statistics in Practice Statistics in Practice: The Economist Figure: The Economist Founded in 1843, The Economist is an international weekly news and business magazine written for top-level business executives and political decision-makers The publication aims to provide readers with in-depth analyses of international politics, business news and trends, global economics and culture T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Applications in business and economics Application in business and economics Accounting Finance Marketing Production Economics T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Data Data, elements, variables and observations Data are the facts and figures collected, analyzed and summarized for presentation and interpretation All the data collected in a particular study are referred to as the data set for the study Elements are the entities on which data are collected A variable is a characteristic of interest for the elements Measurements collected on each variable for every element in a study provide the data The set of measurements obtained for a particular element is called an observation T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Data Figure: European stock exchange monthly statistics domestic equity trading 3/2009 Questions: Which are the data set, elements, variables and observations? T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Data Scales of measurement Four scales of measurement used to obtain data on a particular variable include nominal, ordinal, interval and ratio Nominal: The data use labels or names to identify an attribute of an element Ordinal : The data demonstrate the properties of nominal data and the order or rank of the data is meaningful Interval : The data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure Ratio : The data show all the properties of interval data and the ratio of two values is meaningful T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Data Figure: Categorical (Qualitative) and quantitative data T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Data Figure: Cross-sectional and time series data T.T.Huong (TMU) Business Statistics January 4, 2021 / 14 Data sources Figure: Different Sources of Data for Data Analysis T.T.Huong (TMU) Business Statistics January 4, 2021 10 / 14 Descriptive statistics Summaries of data, which may be tabular, graphical or numerical, are referred to as descriptive statistics Figure: Per cent frequencies for six busiest exchanges by trades Figure: Bar graph for the exchange variable T.T.Huong (TMU) Business Statistics January 4, 2021 11 / 14 Statistical inference A population is the set of all elements of interest in a particular study A sample is a subset of the population The process of conducting a survey to collect data for the entire population is called a census The process of conducting a survey to collect data for a sample is called a sample survey Statistics uses data from a sample to make estimates and test hypotheses about the characteristics of a population through a process referred to as statistical inference T.T.Huong (TMU) Business Statistics January 4, 2021 12 / 14 Computers and statistical analysis Because statistical analysis typically involves large amounts of data, analysts frequently use computer software for this work Software: MICROSOFT EXCEL, MINITAB, SPSS, Stata, Eviews, R, Python, etc T.T.Huong (TMU) Business Statistics January 4, 2021 13 / 14 EXERCISES EXERCISES: From 20 to 25, page 26-27 T.T.Huong (TMU) Business Statistics January 4, 2021 14 / 14