4. Descriptive Statistics: On the Way to Elementary Probability
Published Online: 24 MAY 2011
Copyright © 2011 John Wiley & Sons, Inc. All rights reserved.
Quantitative Methods: An Introduction for Business Management
How to Cite
Brandimarte, P. (2011) Descriptive Statistics: On the Way to Elementary Probability, in Quantitative Methods: An Introduction for Business Management, John Wiley & Sons, Inc., Hoboken, NJ, USA. doi: 10.1002/9781118023525.ch4
- Published Online: 24 MAY 2011
- Published Print: 4 APR 2011
Print ISBN: 9780470496343
Online ISBN: 9781118023525
- descriptive statistics;
- elementary probability;
This chapter introduces basic statistical concepts, drawing the line between descriptive and inferential statistics, and illustrates the difference between sample and population, as well as between qualitative and quantitative variables. Descriptive statistics provides a reader with several tools for organizing and displaying data, some of which are outlined in the chapter. Then, the chapter deals with quite natural summary measures such as mean and variance, and measures of relative standing including percentiles. Percentiles are a good case in point, as there is no standard definition and software packages may compute them in different ways; yet, they are a good way to get some intuitive feeling for probabilistic concepts, like quantiles, that are relevant in many applications in logistics and finance. Finally, the chapter moves from data in a single dimension to data in multiple dimensions.
Controlled Vocabulary Terms
descriptive statistics; mean; percentile; quantile function; variance