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Intro to Stats

In: Business and Management

Submitted By prfktshun1
Words 8039
Pages 33
Chapter 1: Introduction – Defining the Role of Statistics in Business

• Statistical Analysis: helps extract information from data and provides an indication of the quality of that information
• Data mining: combines statistical methods with computer science & optimization in order to help businesses make the best use of the information contained in large data sets
• Probability: helps you understand risky and random events and provides a way of evaluating the likelihood of various potential outcomes

1.1 - Why should you learn statistics? o Advertising. Effective? Which Commercial? Which markets? o Quality control. Defect rate? Cost? Are improvements working? o Finance. Risk – how high? How to control? At what cost. o Accounting. Audit to check financial statements. Is error material? o Other – economic forecasting, measuring and controlling productivity

1.2 – What is statistics?
• Statistics: the art and science of collecting and understanding data o A complete and careful statistical analysis will summarize the general facts that apply to everyone and will also alert you to any exceptions.

1.3 – The Five Basic Activities of Statistics 1. Design Phase: will resolve these issues so that useful data will result a. Designing the Study involves planning the details of data gathering. Can avoid the costs & disappointment of find out – too late – that the data collected are not adequate to answer the important questions. b. The Population: large group of people, firms, or other items c. The Sample: a smaller group that consists of some of the population d. Statistical Inference: the process of generalizing from the observed sample to the larger population e. The Random Sample: best way to select a practical sample, to be studied in detail, from a population that is too large to be examined in...

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