By D. Anderson, et al.,
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Prior to now decade there was an explosion in computation and knowledge expertise. With it have come large quantities of knowledge in numerous fields akin to drugs, biology, finance, and advertising and marketing. The problem of realizing those facts has resulted in the improvement of latest instruments within the box of information, and spawned new parts similar to info mining, computing device studying, and bioinformatics.
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End-of-chapter appendixes cover the step-by-step procedures for using Minitab, Excel, and the Excel add-in StatTools to implement the statistical techniques presented in the chapter. Data Mining With the aid of magnetic card readers, bar code scanners, and point-of-sale terminals, most organizations obtain large amounts of data on a daily basis. And, even for a small local restaurant that uses touch screen monitors to enter orders and handle billing, the amount of data collected can be significant.
Morningstar is a company that tracks over 7000 mutual funds and prepares in-depth analyses of 2000 of these. Its recommendations are followed closely by financial analysts and individual investors. Elements, Variables, and Observations Elements are the entities on which data are collected. 1, each individual mutual fund is an element: The element names appear in the first column. With 25 mutual funds, the data set contains 25 elements. A variable is a characteristic of interest for the elements.
Errors often occur during data acquisition. Blindly using any data that happen to be available or using data that were acquired with little care can result in misleading information and bad decisions. Thus, taking steps to acquire accurate data can help ensure reliable and valuable decision-making information. 4 Descriptive Statistics Most of the statistical information in newspapers, magazines, company reports, and other publications consists of data that are summarized and presented in a form that is easy for the reader to understand.
Essentials of Statistics for Business and Economics by D. Anderson, et al.,