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Chapt2
 

Chapt2

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    Chapt2 Chapt2 Presentation Transcript

    • Business Basic Statistics (9 th Edition) Chapter 1 Introduction and Data Collection
    • Chapter Topics
      • Why a Manager Needs to Know About Statistics
      • The Growth and Development of Modern Statistics
      • Some Important Definitions
      • Descriptive Versus Inferential Statistics
    • Chapter Topics
      • Why Data are Needed
      • Types of Data and Their Sources
      • Design of Survey Research
      • Types of Sampling Methods
      • Types of Survey Errors
      (continued)
    • 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
    • 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
    • Some Important Definitions
      • A Population (Universe) is the Whole Collection of Things Under Consideration
      • A Sample is a Portion of the Population Selected for Analysis
      • A Parameter is a Summary Measure Computed to Describe a Characteristic of the Population
      • A Statistic is a Summary Measure Computed to Describe a Characteristic of the Sample
    • Population and Sample Population Sample Use parameters to summarize features Use statistics to summarize features Inference on the population from the sample
    • 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
    • Statistical Methods
      • Statistical methods are divided into two groups
      • Descriptive Statistics
        • Collecting and describing data
      • Inferential Statistics
        • Drawing conclusions and/or making decisions concerning a population based only on sample data
    • Descriptive Statistics
      • Collect Data
        • E.g., Survey
      • Present Data
        • E.g., Tables and graphs
      • Characterize Data
        • E.g., Sample Mean =
    • Inferential Statistics
      • Estimation
        • 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 and/or making decisions concerning a population based on sample results.
    • Why We Need Data
      • To Provide Input to Survey
      • To Provide Input to Study
      • To Measure Performance of Ongoing Service or Production Process
      • To Evaluate Conformance to Standards
      • To Assist in Formulating Alternative Courses of Action
      • To Satisfy Curiosity
    • Data Sources Observation Experimentation Survey Print or Electronic Data Sources
    • Types of Data
    • Chapter Summary
      • Addressed Why a Manager Needs to Know about Statistics
      • Discussed the Growth and Development of Modern Statistics
      • Addressed the Notion of Descriptive Versus Inferential Statistics
      • Discussed the Importance of Data
      • Defined and Described the Different Types of Data and Sources