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### Chapter1

1. 1. Copyright ©2011 Pearson Education<br />1-1<br />1-1<br />1-1<br />Statistics for Managers using Microsoft Excel6th EditionGlobal Edition<br />Chapter 1Introduction<br />
2. 2. 1-2<br />Copyright ©2011 Pearson Education<br />Learning Objectives<br />In this chapter you learn:<br />How business uses statistics<br />The basic vocabulary of statistics<br />How to use Microsoft Excel with this book<br />Copyright ©2011 Pearson Education<br />1-2<br />Copyright ©2011 Pearson Education<br />1-2<br />
5. 5. 1-5<br />Copyright ©2011 Pearson Education<br />Two Different Branches Of Statistics Are Used In Business<br />Statistics <br /> The branch of mathematics that transforms data into useful information for decision makers. <br />Descriptive Statistics<br />Collecting, summarizing, presenting and analyzing data<br />Inferential Statistics<br />Using data collected from a small group to draw conclusions about a larger group<br />Copyright ©2011 Pearson Education<br />1-5<br />Copyright ©2011 Pearson Education<br />1-5<br />
7. 7. 1-7<br />Copyright ©2011 Pearson Education<br />Descriptive Statistics<br />Collect data<br />e.g., Survey<br />Present data<br />e.g., Tables and graphs<br />Characterize data<br />e.g., The sample mean<br />Copyright ©2011 Pearson Education<br />1-7<br />Copyright ©2011 Pearson Education<br />1-7<br />
8. 8. 1-8<br />Copyright ©2011 Pearson Education<br />Inferential Statistics<br />Estimation<br />e.g., Estimate the population mean weight using the sample mean weight<br />Hypothesis testing<br />e.g., Test the claim that the population mean weight is 120 pounds<br />Drawing conclusions about a large group of individuals based on a smaller group.<br />Copyright ©2011 Pearson Education<br />1-8<br />Copyright ©2011 Pearson Education<br />1-8<br />