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Business and
Economics
Lecture 1
Prof. Hilmar Castro
Fall 2020
Prof. H. Castro - QLU Panama 1
What is Business
Statistics?
Business Statistics is a
collection of procedures and
techniques that are used to
convert data into meaningful
information in a business
environment.
DESCRIPTIVE INFERENTIAL
STATISTICS STATISTICS
PROBABILISTIC MODEL
The information is processed to be used to adjust models to reality
Prof. H. Castro - QLU Panama 3
In today´s world
We are constantly being bombarded with information of data that “summarize reality ” and a lot
of conclusions made from that “data summarize”. For example:
• Political Polls: After asking 1,000 people we predict that Trump will win the EEUU elections
• Economic Predictions: “Global growth is projected at –4.9 percent in 2020, 1.9 percentage
points below the April 2020 World Economic Outlook (WEO) forecast. The COVID-19
pandemic has had a more negative impact on activity in the first half of 2020 than
anticipated, and the recovery is projected to be more gradual than previously forecast..”
• Medical News: Known as SARS-CoV-2, the virus has resulted in more than 27 million
infections and 883,000 deaths.
How can we make sense out of all this data?
How do we differentiate valid from defective claims?
DESCRIPTIVE INFERENTIAL
STATISTICS STATISTICS
STATISTICS
Time-Series Data
A set of consecutive data values
observed at successive points in
time.
Cross-Sectional Data
A set of data values observed at a
fixed point in time.
Data
SAMPLE
Portion of a population selected for analysis. Potentially very large, but less than
the population.
§ 1,000 voters selected at random for interview
§ Every 25th receipts selected for audit from December’s sales
Prof. H. Castro - QLU Panama 14
Key Statistical Concepts….
Survey
Census
If you could interview the population of Panama’s voters you would know who would be the
next Panama’s President.
But If you interview a sample of voters you would predict who will be.
WHY SAMPLE:
§ Less time and cost consuming
§ It is possible to obtain statistical results whit sufficiently accurate based on samples
Prof. H. Castro - QLU Panama 15
Key Statistical Concepts….
PARAMETER
Numerical measure that describes a characteristic of a population. Usually it is not possible to
know it
STATISTICS
Numerical measure that describes a characteristic of a sample. It is a know value
Parameter Statistics
Voting population of
Panama A sample of 5,000 voters is
(electoral roll) selected
2,713,698
Population
Sample
§ Hypothesis Testing:
Use sample data to test the claim that the population average mark is B+
Based on that we can encourage the new student to NOT be afraid
Census data
Experiments
Experimental Design Data printed or Data
published on internet
Telephone or Written Source
questionnaires and Survey
Survey Design
Population Parameter
Inference
Sample Statistics (unknown, but can be estimated
(known) from sample evidence)
Population
Sample
Sample is the portions of a population that has been selected for analysis.
Sample is the portions of a population that has been selected for analysis.
Statistical sampling focus on collecting a small representative group of the larger
population.
The sampling process begins by defining the frame. The frame is a listing of items
that make up the population. Frame is like the populations list. Samples are drawn
from frames.
Sampling
Sample Population
Frame
Sample
N=64
n=8
n=8
36
NOMINAL DATA
Continuous
No No
Yes
Ordinal Data
Categorical
Ordered?
Ordered?
Data
Nominal
Data
No
Prof. H. Castro - QLU Panama 38
Types Of Data - Time
The data collected may also be classified in:
Data
Data
Measurement
Levels
Internet Provider
Growth Value Other
Student Grades A, B, C, D, F
An ordinal scale classifies data into distinct categories in which ranking is implied
• Values must represent the ranked order of the data.
• Calculations based on an ordering process are valid.
• Data may be treated as nominal but not as interval.