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Getting StartedChapter GS
ObjectivesIn this chapter you learn: That the preponderance of data makes learning about statistics critically important.Statistics is a way of thinking that can lead to better decisions.How applying the DCOVA framework for applying statistics can help solve business problems.The significance of business analytics.The opportunity business analytics represent for business students.How to prepare for using Microsoft Excel? or Minitab with this book.
In Today’s Business World You Cannot Escape From DataIn today’s digital world ever increasing amounts of data are gathered, stored, reported on, and available for further study.You hear the word data everywhere.Data are facts about the world and are constantly reported as numbers by an ever increasing number of sources.
Each Business Person Faces A Choice Of How To Deal With This Explosion Of DataThey can ignore it and hope for the best.They can count on other people’s summaries of data and hope they are correct.They can develop their own capability and insight into data by learning about statistics and its application to business.
Statistics Is Evolving So Businesses Can Use The Vast Amount Of Data AvailableThe emerging field of Business Analytics makes “extensive use of:DataStatistical and quantitative analysisExplanatory predictive modelsFact based managementto drive decisions and actions.”
To Properly Apply Statistics You Should Follow A Framework To Minimize Possible ErrorsIn this book we will use DCOVADefine the data you want to study in order to solve a problem or meet an objectiveCollect the data from appropriate sourcesOrganize the data collected by developing tablesVisualize the data by developing chartsAnalyze the data collected to reach conclusions and present results
Using The DCOVA Framework Helps You To Apply Statistics To:Summarize visualize business dataReach conclusions from those dataMake reliable predictions about business activitiesImprove business processes
Definition
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