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- W3022795647 abstract "We begin this chapter with an overview of the competitive advantage provided by a knowledge of statistical methods, followed by some basic facts about statistics and probability and their role in business. Statistical activities can be grouped into five main activities (designing, exploring, modeling, estimating, and hypothesis testing), and one way to clarify statistical thinking is to be able to match the business task at hand with the correct collection of statistical methods. This chapter sets the stage for the rest of the book, which follows up with many important detailed procedures for accomplishing business goals that involve these activities. Next follows an overview of data mining of Big Data (which involves these main activities) and its importance in business. Then we distinguish the field of probability (where, based on assumptions, we reach conclusions about what is likely to happen—a useful exercise in business where nobody knows for sure what will happen) from the field of statistics (where we know from the data what happened, from which we infer conclusions about the system that produced these data) while recognizing that probability and statistics will work well together in future chapters. The chapter concludes with some words of advice on how to integrate statistical thinking with other business viewpoints and activities." @default.
- W3022795647 created "2020-05-13" @default.
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- W3022795647 date "2016-01-01" @default.
- W3022795647 modified "2023-09-23" @default.
- W3022795647 title "Introduction" @default.
- W3022795647 doi "https://doi.org/10.1016/b978-0-12-804250-2.00001-8" @default.
- W3022795647 hasPublicationYear "2016" @default.
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