The United States government is concerned with the present condition of our economy and with predicting future economic trends. The marketing department at Colgate-Palmolive Co., a manufacturer of soap products, has the responsibility of making recommendations regarding the potential profitability of a newly developed group of face soaps having fruit smells. Research analysts for Merrill Lynch evaluate many facets of a particular stock before making a “buy” or “sell” recommendation. Some examples of the need for data collection. No matter what line of work you select, you will find yourself faced with decisions where an understanding of data analysis is helpful. The knowledge of statistical methods will help you understand how decisions are made and give you a better understanding of how they affect you. Statistical techniques are used to make decisions that affect our daily lives 3. Why Study Statistics? Why Study Statistics? 1. LO6 Recognize the levels of measurement in data. LO5 Compare the differences between discrete and continuous variables. LO4 Explain the difference between qualitative and quantitative variables. LO3 Understand the differences between a sample and a population. LO2 Know the differences between descriptive and inferential Learning Objectives LO1 List ways statistics is used. Copyright © 2012 by The McGraw-Hill Companies, Inc.
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