Copyright ©2011 Pearson Education<br />1-1<br />1-1<br />1-1<br />Statistics for Managers using Microsoft Excel6th Edition...
1-2<br />Copyright ©2011 Pearson Education<br />Learning Objectives<br />In this chapter you learn:<br />How business uses...
1-3<br />Copyright ©2011 Pearson Education<br />Why Learn Statistics<br />Copyright ©2011 Pearson Education<br />1-3<br />...
1-4<br />Copyright ©2011 Pearson Education<br />In Business, Statistics Has Many Important Uses<br />Copyright ©2011 Pears...
1-5<br />Copyright ©2011 Pearson Education<br />Two Different Branches Of Statistics Are Used In Business<br />Statistics ...
1-6<br />Copyright ©2011 Pearson Education<br />These Two Branches Are Used In The Important Activities<br />To summarize ...
1-7<br />Copyright ©2011 Pearson Education<br />Descriptive Statistics<br />Collect data<br />e.g., Survey<br />Present da...
1-8<br />Copyright ©2011 Pearson Education<br />Inferential Statistics<br />Estimation<br />e.g., Estimate the population ...
1-9<br />Copyright ©2011 Pearson Education<br />Copyright ©2011 Pearson Education<br />1-9<br />Copyright ©2011 Pearson Ed...
1-10<br />Copyright ©2011 Pearson Education<br />Copyright ©2011 Pearson Education<br />1-10<br />Copyright ©2011 Pearson ...
1-11<br />Copyright ©2011 Pearson Education<br />Copyright ©2011 Pearson Education<br />1-11<br />Copyright ©2011 Pearson ...
1-12<br />Copyright ©2011 Pearson Education<br />This Book Is Organized To Show The Four Uses Of Statistics<br />Copyright...
1-13<br />Copyright ©2011 Pearson Education<br />In this chapter, we have<br /><ul><li>Introduced the basic vocabulary of ...
Examined the use of statistics to:
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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 />
  3. 3. 1-3<br />Copyright ©2011 Pearson Education<br />Why Learn Statistics<br />Copyright ©2011 Pearson Education<br />1-3<br />Copyright ©2011 Pearson Education<br />1-3<br />Make better sense of the world<br />Internet articles / reports<br />Magazine articles<br />Newspaper articles<br />Television & radio reports<br />Make better business decisions<br />Business memos<br />Business research<br />Technical journals<br />Technical reports<br />
  4. 4. 1-4<br />Copyright ©2011 Pearson Education<br />In Business, Statistics Has Many Important Uses<br />Copyright ©2011 Pearson Education<br />1-4<br />Copyright ©2011 Pearson Education<br />1-4<br />To summarize business data<br />To draw conclusions from business data<br />To make reliable forecasts about business activities<br />To improve business processes<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 />
  6. 6. 1-6<br />Copyright ©2011 Pearson Education<br />These Two Branches Are Used In The Important Activities<br />To summarize business data<br />Descriptive methods used to create charts & tables<br />To draw conclusions from business data<br />Inferential methods used to reach conclusions about a large group based on data from a smaller group<br />To make reliable forecasts about business activities<br />Inferential methods used to develop, quantify, and improve the accuracy of predictive models<br />To improve business processes<br />Involves managerial approaches like Six Sigma<br />Copyright ©2011 Pearson Education<br />1-6<br />Copyright ©2011 Pearson Education<br />1-6<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 />
  9. 9. 1-9<br />Copyright ©2011 Pearson Education<br />Copyright ©2011 Pearson Education<br />1-9<br />Copyright ©2011 Pearson Education<br />1-9<br />Basic Vocabulary of Statistics<br />
  10. 10. 1-10<br />Copyright ©2011 Pearson Education<br />Copyright ©2011 Pearson Education<br />1-10<br />Copyright ©2011 Pearson Education<br />1-10<br />Basic Vocabulary of Statistics<br />
  11. 11. 1-11<br />Copyright ©2011 Pearson Education<br />Copyright ©2011 Pearson Education<br />1-11<br />Copyright ©2011 Pearson Education<br />1-11<br />Population vs. Sample<br />Population<br />Sample<br />Measures used to describe the population are called parameters<br />Measures used to describe the sample are called statistics<br />
  12. 12. 1-12<br />Copyright ©2011 Pearson Education<br />This Book Is Organized To Show The Four Uses Of Statistics<br />Copyright ©2011 Pearson Education<br />1-12<br />Copyright ©2011 Pearson Education<br />1-12<br />To summarize business data (Chapters 2 & 3)<br />To draw conclusions from business data (Chapters 4 – 12)<br />To make reliable forecasts about business activities (Chapters 13 – 16)<br />To improve business processes (Chapter 18)<br />
  13. 13. 1-13<br />Copyright ©2011 Pearson Education<br />In this chapter, we have<br /><ul><li>Introduced the basic vocabulary of statistics and the role of statistics in turning data into information to facilitate decision making
  14. 14. Examined the use of statistics to:
  15. 15. Summarize data
  16. 16. Draw conclusions from data
  17. 17. Make reliable forecasts
  18. 18. Improve business processes
  19. 19. Examined descriptive vs. inferential statistics</li></ul>Copyright ©2011 Pearson Education<br />1-13<br />Copyright ©2011 Pearson Education<br />1-13<br />Chapter Summary<br />
  20. 20. 1-14<br />Copyright ©2011 Pearson Education<br />All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. <br />Printed in the United States of America.<br />Copyright ©2011 Pearson Education<br />1-14<br />

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