Chapter 1 Introduction to Statistics and Business Analytics
CHAPTER 1 Introduction to Statistics and Business Analytics LEARNING OBJECTIVES The primary objective of Chapter 1 is to introduce you to the world of statistics and analytics thereby enabling you to: 1.1 Define important statistical terms, including 1.3 Explain the differences between the four dimensions population, sample, and parameter, as they relate to of big data. descriptive and inferential statistics. 1.4 Compare and contrast the three categories of 1.2 Explain the difference between variables, business analytics. measurement, and data, and compare the four 1.5 Describe the data mining and data visualization different levels of data: nominal, ordinal, interval, processes. and ratio. Decision Dilemma Statistics Describe the State of Business in India’s Countryside India is the second-most-populous country in the world, with more than 1.25-billion people. Nearly 70% of the people live in rural areas, scattered about the countryside in 600,000 villages. In fact, it may be said that more than one in every ten people in the world live in rural India. While it hasCOPYRIGHTED a per capita income of less MATERIAL than US$1 per day, rural India, which has been described in the past as poor and semi-literate, now contributes about one-half of the country’s gross national product (GNP). However, rural India still has the most households in the world without electricity, with iStock.com/Kailash soni iStock.com/Kailash the number of such households exceeding 300,000. ©istockphoto.com/kailash soni Despite its poverty and economic disadvantages, there are compelling reasons for companies to market their goods households in India are in rural areas, and more than one-third and services to rural India.
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