What Is Statistics?

Chapter 1

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Learning Objectives
LO1-1 Explain why knowledge of statistics is important.
LO1-2 Define statistics and provide an example of how
statistics is applied.
LO1-3 Differentiate between descriptive and inferential
statistics.
LO1-4 Classify variables as qualitative or quantitative, and
discrete or continuous.
LO1-5 Distinguish between nominal, ordinal, interval, and
ratio levels of measurement.
LO1-6 List the values associated with the practice
of statistics.
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 LO1-1 Explain why knowledge
of statistics is important.

Uses of Statistics
1. Statistics is one of the tools used to make
decisions in business.
2. We apply statistical concepts in our lives.
3. As a student of business or economics, it
is important to have a basic knowledge of
statistics and the skills to organize,
analyze, transform, and present the data.
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LO1-1
Why Study Statistics?
1. Numerical information is everywhere.
2. Statistical techniques are used to make decisions
that affect our daily lives.
3. The knowledge of statistical methods will help you
understand how decisions are made and give you a
better understanding of how they affect you.

No matter what line of work you select, you will find

yourself faced with decisions where an understanding of
data analysis is helpful.

1-4
 LO1-2 Define statistics and provide an
example of how statistics is applied.

Who Uses Statistics?

Statistical techniques are used

extensively by marketing, accounting,
quality control, consumers, professional
sports people, hospital administrators,
educators, politicians, physicians, etc.
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