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Statistics

In: Business and Management

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Welcome to… π ∑θ

Business statistics (MA-205)

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Why study Business Statistics?

• To become a better consumer of other people’s data • To facilitate communication • To improve computer skills • To overcome either too little or too much information • To develop technical literacy • To improve career mobility

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Lecturer:

Business Statistics

Ammara

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Lecture Overheads and Textbook
Lecture overheads: posted on the Business Statistics Group Group name: business_statistics_bba
Group home page: http://groups.yahoo.com/group/business_statistics_bba

Group email: business_statistics_bba@yahoogroups.com before the week in which lectures are given. Textbook: Richard I. Lavin and David S. Rubin, “Statistics for Management”, Prentice Hall, New York,7th edition(2000)

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• • • •

Assessment
Final Examination: Midterm Examination: Quizzes/Homework/Term Project: Total: 45% 35% 20% 100%

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Regular work and study is the key to success π ∑θ
• It can never be emphasised strongly enough how true this is for Business Statistics • This course rewards those students who put constant effort into it over the semester

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How to do well in the class

Statistics is a problem-solving subject. Practice in problem solving, and completing and understanding the assigned reading and homework are essential to success on the exams. Suggestions for success in the class:

• Attend all lectures. I will not “read from the book” and you will not necessarily find the examples from lecture in the textbook. • Attend all classes where quizzes are given. • Take all quizzes and exams.
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How to do well in the class

• Do the reading before attending lecture. • Do the homework. Do your own work. You may discuss problems with classmates, but don't copy from them. Compare homework answers with solutions posted on the web sites. • Study and practice solving problems before taking quizzes and exams. • Spend 15 hours each week.

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1. 2. 3. 4. 5.

Week 1 objectives
Course overview Introduction History Meanings of Statistics Applications

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• • • • • • • • • • • •

Course Outline
Introduction to Statistics Data Analysis Frequency distribution Measures of Central tendency and Dispersion Variability Moments Skewness Simple Linear regression and correlation Index number Probability Discrete probability distribution Normal distribution and other continuous probability distributions
Business Statistics

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1.Course Overview: major categories of Business Statistics
Course Bus Stat

Basic Definitions

Descriptive & Inferential statistics

Probability

Week 1

Continuous

Discrete

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What is statistics?

• A branch of mathematics taking and transforming numbers into useful information for decision makers • Methods for processing & analyzing numbers • Methods for helping reduce the uncertainty inherent in decision making

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Why Study Statistics?

Decision Makers Use Statistics To:
Present and describe business data and information properly Draw conclusions about large groups of individuals or items, using information collected from subsets of the individuals or items. Make reliable forecasts about a business activity Improve business processes

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Why a Manager Needs to Know about Statistics

• To know how to properly present information • To know how to draw conclusions about populations based on sample information • To know how to improve processes • To know how to obtain reliable forecasts

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Types of Statistics
Statistics
The branch of mathematics that transforms data into useful information for decision makers.

Descriptive Statistics Collecting, summarizing, and describing data

Inferential Statistics Drawing conclusions and/or making decisions concerning a population based only on sample data

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Descriptive Statistics

• Collect data
– e.g., Survey

• Present data
– e.g., Tables and graphs

• Characterize data
– e.g., Sample mean =

∑X n i

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• Estimation

Inferential Statistics

– e.g., Estimate the population mean weight using the sample mean weight • Hypothesis testing – e.g., Test the claim that the population mean weight is 120 pounds Drawing conclusions about a large group of individuals based on a subset of the large group.
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Basic Vocabulary of Statistics

VARIABLE A variable is a characteristic of an item or individual. DATA Data are the different values associated with a variable. OPERATIONAL DEFINITIONS Data values are meaningless unless their variables have operational definitions, universally accepted meanings that are clear to all associated with an analysis.

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POPULATION A population consists of all the items or individuals about which you want to draw a conclusion. SAMPLE A sample is the portion of a population selected for analysis. PARAMETER A parameter is a numerical measure that describes a characteristic of a population. STATISTIC A statistic is a numerical measure that describes a characteristic of a sample.

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Population vs. Sample
Sample

Population

Measures used to describe the population are called parameters
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Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Measures computed from sample data are called statistics
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Population and Sample

Population

Sample Use statistics to summarize features

Use parameters to summarize features

Inference on the population from the sample
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Population

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Parameter ?? ?? ?? ?? ?? ?? Summary Statistic

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Statistic

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Chapter Summary

In this chapter, we have Reviewed why a manager needs to know statistics Introduced key definitions:
Population vs. Sample Primary vs. Secondary data types Categorical vs. Numerical data

Examined descriptive vs. inferential statistics Applications

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