Chapt2

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Chapt2

  1. 1. Business Basic Statistics (9 th Edition) Chapter 1 Introduction and Data Collection
  2. 2. Chapter Topics <ul><li>Why a Manager Needs to Know About Statistics </li></ul><ul><li>The Growth and Development of Modern Statistics </li></ul><ul><li>Some Important Definitions </li></ul><ul><li>Descriptive Versus Inferential Statistics </li></ul>
  3. 3. Chapter Topics <ul><li>Why Data are Needed </li></ul><ul><li>Types of Data and Their Sources </li></ul><ul><li>Design of Survey Research </li></ul><ul><li>Types of Sampling Methods </li></ul><ul><li>Types of Survey Errors </li></ul>(continued)
  4. 4. Why a Manager Needs to Know About Statistics <ul><li>To Know How to Properly Present Information </li></ul><ul><li>To Know How to Draw Conclusions about Populations Based on Sample Information </li></ul><ul><li>To Know How to Improve Processes </li></ul><ul><li>To Know How to Obtain Reliable Forecasts </li></ul>
  5. 5. The Growth and Development of Modern Statistics Needs of government to collect data on its citizenry The development of the mathematics of probability theory The advent of the computer
  6. 6. Some Important Definitions <ul><li>A Population (Universe) is the Whole Collection of Things Under Consideration </li></ul><ul><li>A Sample is a Portion of the Population Selected for Analysis </li></ul><ul><li>A Parameter is a Summary Measure Computed to Describe a Characteristic of the Population </li></ul><ul><li>A Statistic is a Summary Measure Computed to Describe a Characteristic of the Sample </li></ul>
  7. 7. Population and Sample Population Sample Use parameters to summarize features Use statistics to summarize features Inference on the population from the sample
  8. 8. Divisions of Statistics A typical business statistics course is intended for business majors, and covers statistical study, descriptive statistics (collection, description, analysis, and summary of data) , probability, and the binomial and normal distributions, test of hypotheses and confidence intervals, linear regression, and correlation. Statistics can be divided into three broad divisions a)      Theoretical Statistics -When mathematical theory forms the basis of the science of statistics, it is called Theoretical statistics. Statistical Methods- These are methods by which data re collected and they are organized, presented, analyzed and interpreted
  9. 9. Statistical Methods <ul><li>Statistical methods are divided into two groups </li></ul><ul><li>Descriptive Statistics </li></ul><ul><ul><li>Collecting and describing data </li></ul></ul><ul><li>Inferential Statistics </li></ul><ul><ul><li>Drawing conclusions and/or making decisions concerning a population based only on sample data </li></ul></ul>
  10. 10. Descriptive Statistics <ul><li>Collect Data </li></ul><ul><ul><li>E.g., Survey </li></ul></ul><ul><li>Present Data </li></ul><ul><ul><li>E.g., Tables and graphs </li></ul></ul><ul><li>Characterize Data </li></ul><ul><ul><li>E.g., Sample Mean = </li></ul></ul>
  11. 11. Inferential Statistics <ul><li>Estimation </li></ul><ul><ul><li>E.g., Estimate the population mean weight using the sample mean weight </li></ul></ul><ul><li>Hypothesis Testing </li></ul><ul><ul><li>E.g., Test the claim that the population mean weight is 120 pounds </li></ul></ul>Drawing conclusions and/or making decisions concerning a population based on sample results.
  12. 12. Why We Need Data <ul><li>To Provide Input to Survey </li></ul><ul><li>To Provide Input to Study </li></ul><ul><li>To Measure Performance of Ongoing Service or Production Process </li></ul><ul><li>To Evaluate Conformance to Standards </li></ul><ul><li>To Assist in Formulating Alternative Courses of Action </li></ul><ul><li>To Satisfy Curiosity </li></ul>
  13. 13. Data Sources Observation Experimentation Survey Print or Electronic Data Sources
  14. 14. Types of Data
  15. 15. Chapter Summary <ul><li>Addressed Why a Manager Needs to Know about Statistics </li></ul><ul><li>Discussed the Growth and Development of Modern Statistics </li></ul><ul><li>Addressed the Notion of Descriptive Versus Inferential Statistics </li></ul><ul><li>Discussed the Importance of Data </li></ul><ul><li>Defined and Described the Different Types of Data and Sources </li></ul>

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