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GettingStartedChapterGS
ObjectivesInthischapteryoulearn:Thatthepreponderanceofdatamakeslearningaboutstatisticscriticallyimportant.Statisticsisawayofthinkingthatcanleadtobetterdecisions.HowapplyingtheDCOVAframeworkforapplyingstatisticscanhelpsolvebusinessproblems.Thesignificanceofbusinessanalytics.Theopportunitybusinessanalyticsrepresentforbusinessstudents.HowtoprepareforusingMicrosoftExcel?orMinitabwiththisbook.
InToday’sBusinessWorldYouCannotEscapeFromDataIntoday’sdigitalworldeverincreasingamountsofdataaregathered,stored,reportedon,andavailableforfurtherstudy.Youheartheworddataeverywhere.Dataarefactsabouttheworldandareconstantlyreportedasnumbersbyaneverincreasingnumberofsources.
EachBusinessPersonFacesAChoiceOfHowToDealWithThisExplosionOfDataTheycanignoreitandhopeforthebest.Theycancountonotherpeople’ssummariesofdataandhopetheyarecorrect.Theycandeveloptheirowncapabilityandinsightintodatabylearningaboutstatisticsanditsapplicationtobusiness.
StatisticsIsEvolvingSoBusinessesCanUseTheVastAmountOfDataAvailableTheemergingfieldofBusinessAnalyticsmakes“extensiveuseof:DataStatisticalandquantitativeanalysisExplanatorypredictivemodelsFactbasedmanagementtodrivedecisionsandactions.”
ToProperlyApplyStatisticsYouShouldFollowAFrameworkToMinimizePossibleErrorsInthisbookwewilluseDCOVADefinethedatayouwanttostudyinordertosolveaproblemormeetanobjectiveCollectthedatafromappropriatesourcesOrganizethedatacollectedbydevelopingtablesVisualizethedatabydevelopingchartsAnalyzethedatacollectedtoreachconclusionsandpresentresults
UsingTheDCOVAFrameworkHelpsYouToApplyStatisticsTo:SummarizevisualizebusinessdataReachconclusionsfromthosedataMakereliablepredictionsaboutbusinessactivitiesImprovebusinessprocesses
Definition
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