Statistical techniques in business and economics pdf free download

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Populations can be diverse topics such as “all people living in a country” or “every atom composing a crystal”. Representative sampling assures that inferences and conclusions can reasonably extend from the sample to the population as a whole. Rejecting or disproving the null hypothesis is done using statistical tests that quantify the sense in which the null can be proven false, given the data that are used in the test. Multiple problems have come to be associated with this framework: ranging from obtaining a sufficient sample size to specifying an adequate null hypothesis. Measurement processes that generate statistical data are also subject to error. Numerical statements of facts in any department of inquiry placed in relation to each other. Some consider statistics to be a distinct mathematical science rather than a branch of mathematics.

While many scientific investigations make use of data, statistics is concerned with the use of data in the context of uncertainty and decision making in the face of uncertainty. Populations can be diverse topics such as “all persons living in a country” or “every atom composing a crystal”. This may be organized by governmental statistical institutes. Again, descriptive statistics can be used to summarize the sample data. However, the drawing of the sample has been subject to an element of randomness, hence the established numerical descriptors from the sample are also due to uncertainty. It uses patterns in the sample data to draw inferences about the population represented, accounting for randomness. To use a sample as a guide to an entire population, it is important that it truly represents the overall population.

A major problem lies in determining the extent that the sample chosen is actually representative. Statistics offers methods to estimate and correct for any bias within the sample and data collection procedures. There are also methods of experimental design for experiments that can lessen these issues at the outset of a study, strengthening its capability to discern truths about the population. The use of any statistical method is valid when the system or population under consideration satisfies the assumptions of the method. The difference between the two types lies in how the study is actually conducted.

Each can be very effective. An experimental study involves taking measurements of the system under study, manipulating the system, and then taking additional measurements using the same procedure to determine if the manipulation has modified the values of the measurements. Instead, data are gathered and correlations between predictors and response are investigated. Consideration of the selection of experimental subjects and the ethics of research is necessary. Further examining the data set in secondary analyses, to suggest new hypotheses for future study. Documenting and presenting the results of the study. Experiments on human behavior have special concerns.

The researchers first measured the productivity in the plant, then modified the illumination in an area of the plant and checked if the changes in illumination affected productivity. Those in the Hawthorne study became more productive not because the lighting was changed but because they were being observed. An example of an observational study is one that explores the association between smoking and lung cancer. This type of study typically uses a survey to collect observations about the area of interest and then performs statistical analysis. Nominal measurements do not have meaningful rank order among values, and permit any one-to-one transformation.

Ordinal measurements have imprecise differences between consecutive values, but have a meaningful order to those values, and permit any order-preserving transformation. Ratio measurements have both a meaningful zero value and the distances between different measurements defined, and permit any rescaling transformation. But the mapping of computer science data types to statistical data types depends on which categorization of the latter is being implemented. Other categorizations have been proposed.