Statistics & Quantitative system For Business Pre MBA-Course
Dr. Nourredine Khababa
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Business School

Lecture 1
Topic 1

The Where, Why, and How of Data Collection
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Chapter Goals
After completing this chapter, you should be able to:
 

Describe key data collection methods Know key definitions:
Population vs. Sample Qualitative vs. Qualitative data Primary vs. Secondary data types Time Series vs. Cross-Sectional data



Explain the difference between descriptive and inferential procedures

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Describe different sampling methods
Construct and interpret graphs
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Copyright ©2011 Pearson Education, Inc. publishing as Prentice Hall

Tools of Business Statistics
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Descriptive procedures
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Collecting, presenting, and describing data



Inferential procedures


Drawing conclusions and/or making decisions concerning a population based only on sample data

Goal: Convert data into meaningful information!
Copyright ©2011 Pearson Education, Inc. publishing as Prentice Hall

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Descriptive Procedures


Collect data
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e.g., Survey, Observation, Experiments

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Present data
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e.g., Charts and graphs



Characterize data

x  e.g., Sample mean = n i

Copyright ©2011 Pearson Education, Inc. publishing as Prentice Hall

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Inferential Procedures


Making statements about a population by examining sample results
(known)

Sample statistics

Population parameters Inference

unknown, but can be estimated from sample evidence

Sample

Population

Copyright ©2011 Pearson Education, Inc. publishing as Prentice Hall

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Inferential Statistics
Drawing conclusions and/or making decisions concerning a population based on sample results.


Estimation


e.g., Estimate the population mean weight using the sample mean weight e.g., Use sample evidence to