Read the summary and the most important questions on Business statistics in practice | 9780077129064 | Bruce L. Bowerman, Richard T. O'Connell.

• 1 An Introduction to Business Statistics

• 1.1 Data

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• Time Series Data

  Data collected of different time periods

• 1.2 Data sources

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• 2 kinds of data sources

  Existing sources and new obtained data
  
  

• What two types of new data do we distinguish? 

  experimental and observational

• What is experimental sources

  Being able to manipulate values of factors
  (e.g. it is possible giving a placebo to the other experimental group)

• What is observational studies

  Not being able to manipulate or control the values of factors
  only watch what happens or participate

• What is a factor?

  All the other "things" (or factors) that may be related to the response variable of interest. (So for instance, we are interested in the level of cholestrol, then weight and diet plays roles too)

• 1.3 Populations and Samples

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• What is the picture displaying?

  This is called generalization
  The small picture portrays a sample of the bigger one, the population 

• 1.4 Statistical inference

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• What is a process

  A process is a sequence of operations that takes inputs (labor, materials, methods, machines and so on) and turns them into outputs (products, services, and the like)

• What is a infinite population

  A population that is defined so that there is no limit to the number of elements that could potentially belong to the population

• 1.5 Scales

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• What is a ratio variable

  Ratio variable is a quantitative variable measured on scale and there are meaningful zero points. So for instance, when one is measuring the height of people then zero means no height at all.