Data Collection - Statistics In Business - Sources Of Data In Business - Statistics Assignment Help

Assignment Task

Learning Objectives

At the completion of this topic, you should be able to:

• identify how statistics is used in business

• recognise the sources of data used in business

• identify the types of data used in business

• distinguish between different survey sampling methods

• evaluate the quality of surveys

Basic Concepts of Statistics

Statistics is a large discipline that comprises three broad tasks:

1. collection of data

2. processing and presentation of data

3. analysis and interpretation of data

Key Definitions

• A population consists of all the members of a group about which you want to draw a conclusion

• A parameter is a numerical measure that describes a characteristic of a population

• A sample is the portion of the population selected for analysis

• A statistic is a numerical measure that describes a characteristic of a sample

Collecting Data

Identifying Sources of Data:

•External sources

• Data collected by others (Use if acceptable) or

•Collect your own

• Census

• Sample

Summary

At the end you should:

Know the difference between descriptive statistics and inferential statistics

Appreciate some of the uses of statistics

Appreciate the process of a statistical exercise and the importance of data collection

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