BUSINESS STATISTICS Midterm
ENGR. PHIL A. ZAFE, MBA
Basic of Statistics
DATA COLLECTION AND SAMPLING
POPULATION A population consists of all the items or individuals about which you
want to draw a conclusion. SAMPLE A sample is the portion of a population
selected for analysis.
PARAMETER A parameter is a numerical measure that describes a characteristic of a
population. STATISTIC A statistic is a numerical measure that describes a
characteristic of a sample
Why Collect Data?
A marketing research analyst needs to assess the effectiveness of a new
television advertisement.
A pharmaceutical manufacturer needs to determine whether a new drug is more
effective than those currently in use.
An operations manager wants to monitor a manufacturing process to find out
whether the quality of the product being manufactured is conforming to
company standards.
An auditor wants to review the financial transactions of a company in order to
determine whether the company is in compliance with generally accepted
accounting principles.
Sources of Data
Primary Sources: The data collector is the one using the data for analysis
Data from a political survey
Data collected from an experiment
Observed data
Secondary Sources: The person performing data analysis is not the data
collector
Analyzing census data
Examining data from print journals or data published on the internet.
Sources of data fall into four categories
Data distributed by an organization or an individual
A designed experiment
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