Lecture Data ans statistics Applications in Business and Economics

Data Sources
Data can be obtained from existing sources or from surveys and experimental studies
designed to collect new data.
Existing Sources
In some cases, data needed for a particular application already exist. Companies maintain a
variety of databases about their employees, customers, and business operations. Data on
employee salaries, ages, and years of experience can usually be obtained from internal personnel
records. Other internal records contain data on sales, advertising expenditures, distribution
costs, inventory levels, and production quantities. Most companies also maintain
detailed data about their customers. Table 1.2 shows some of the data commonly available
from internal company records.
Organizations that specialize in collecting and maintaining data make available substantial
amounts of business and economic data. Companies access these external data
sources through leasing arrangements or by purchase. Dun & Bradstreet, Bloomberg, and
Dow Jones & Company are three firms that provide extensive business database services
to clients. ACNielsen and Information Resources, Inc., built successful businesses collecting
and processing data that they sell to advertisers and product manufacturers.
Data are also available from a variety of industry associations and special interest organizations.
The Travel Industry Association of America maintains travel-related information
such as the number of tourists and travel expenditures by states. Such data would be of
interest to firms and individuals in the travel industry. The Graduate Management
Admission Council maintains data on test scores, student characteristics, and graduate management
education programs. Most of the data from these types of sources are available to
qualified users at a modest cost.
The Internet continues to grow as an important source of data and statistical information.
Almost all companies maintain websites that provide general information about the
company as well as data on sales, number of employees, number of products, product prices,
and product specifications. In addition, a number of companies now specialize in making
information available over the Internet. As a result, one can obtain access to stock quotes,
meal prices at restaurants, salary data, and an almost infinite variety of information.
Government agencies are another important source of existing data. For instance, the
U.S. Department of Labor maintains considerable data on employment rates, wage rates,
size of the labor force, and union membership. Table 1.3 lists selected governmental agencies
and some of the data they provide. Most government agencies that collect and process data
also make the results available through a website. Figure 1.3 shows the homepage for the
U.S. Census Bureau website.