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Understanding the Role of Statistics and Data Analysis Process in Informed Decision-Making

This lesson introduces the fundamental role of statistics in becoming a smart information consumer. Learn how to extract insights from data sources like ESPN or Yelp, and understand the basics of data collection, summarization, and analysis. Discover the importance of assessing available information, deciding when more data is needed, and the statistical processes that aid in making informed decisions. Engage with examples from market research and engineering, highlighting how variability influences data interpretation and decision-making.

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Understanding the Role of Statistics and Data Analysis Process in Informed Decision-Making

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Presentation Transcript

  1. Chapter 1Lesson 1 & 2 The Role of Statistics and the Data Analysis Process

  2. 1.1: Why Study Statistics? A) Being a smart information consumer • ESPN • College Admissions Stats • Yelp ratings • Olympics

  3. To be a smart information consumer, you should be able to do the following: • Extract information from charts and graphs • Follow numerical arguments • Know the basics of how data should be gathered, summarized, and analyzed to draw statistical conclusions Example from Olympics: http://www.nytimes.com/interactive/2012/08/05/sports/olympics/the-100-meter-dash-one-race-every-medalist-ever.html

  4. Understanding and Making Decisions To make informed decisions, you should do the following: • Decide whether existing information is adequate or whether additional information is required • If necessary, collect more information in a more reasonable and thoughtful way • Analyze the available data • Draw conclusions, make decisions, and assess the risk of an incorrect decision Examples: Market Researchers, Actuaries, Engineers

  5. What is Statistics? Statistics is the art of distilling meaning from data. Your textbook’s definition: “Statistics is the science of collecting, analyzing, and drawing conclusions from data.” Data are values with a context.

  6. Think, Show, Tell • There are three simple steps to doing Statistics right: first. Know where you’re headed and why. is about the mechanics of calculating statistics and graphical displays, which are important (but are not the most important part of Statistics). what you’ve learned. You must explain your results so that someone else can understand your conclusions.

  7. 1.2: The Nature and Role of Variability • If we lived a world were everyone was exactly the same in every way, than we wouldn’t need statistics. Why? • Look at Example 1.2 (pg.5) to see how Statistics can help us in a world full of variation.

  8. ACTIVITY (pg.26) Head Sizes: Understanding Variability

  9. (Example of a Dotplot for Activity 1.2)

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