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Basic Business Statistics

Basic Business Statistics 12 Edition Chapter 1 Introduction Copyright ©2012 Pearson Education, Inc. publishing as Prentice
Basic Business Statistics 12 Edition Chapter 1 Introduction Copyright ©2012 Pearson Education, Inc. publishing as Prentice
Basic Business Statistics 12 Edition Chapter 1 Introduction Copyright ©2012 Pearson Education, Inc. publishing as Prentice
Basic Business Statistics 12 Edition Chapter 1 Introduction Copyright ©2012 Pearson Education, Inc. publishing as Prentice
Basic Business Statistics 12 Edition Chapter 1 Introduction Copyright ©2012 Pearson Education, Inc. publishing as Prentice
Basic Business Statistics 12 Edition Chapter 1 Introduction Copyright ©2012 Pearson Education, Inc. publishing as Prentice

12 th Edition

Chapter 1

Introduction

Learning Objectives
Learning Objectives

In this chapter you learn:

  • How businesses use statistics

  • The basic vocabulary of statistics

  • The types of data used in business

  • How to use Microsoft Excel and / or Minitab with this book

Why Learn Statistics

Why Learn Statistics Make better sense of the world Make better business decisions  Internet articles

Make better sense of the world

Make better business decisions

  • Internet articles / reports

  • Business memos

  • Magazine articles

  • Newspaper articles

  • Business research

  • Technical journals

  • Television & radio reports

  • Technical reports

In Business, Statistics Has Many Important Uses

In Business, Statistics Has Many Important Uses  To summarize business data  To draw conclusions
  • To summarize business data

  • To draw conclusions from business data

  • To make reliable forecasts about business activities

  • To improve business processes

Two Different Branches Of Statistics Are Used In Business

Two Different Branches Of Statistics Are Used In Business Statistics The branch of mathematics that transforms

Statistics

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

Two Different Branches Of Statistics Are Used In Business Statistics The branch of mathematics that transforms

Descriptive Statistics

Collecting, summarizing,

presenting and analyzing data

Two Different Branches Of Statistics Are Used In Business Statistics The branch of mathematics that transforms

Inferential Statistics

Using data collected from a

small group to draw conclusions

about a larger group

These Two Branches Are Used In The Important Activities

These Two Branches Are Used In The Important Activities  To summarize business data  Descriptive
  • To summarize business data

    • Descriptive methods used to create charts & tables

  • To draw conclusions from business data

    • Inferential methods used to reach conclusions about

a large group based on data from a smaller group

  • To make reliable forecasts about business activities

    • Inferential methods used to develop, quantify, and improve the accuracy of predictive models

  • To improve business processes

    • Involves managerial approaches like Six Sigma

Descriptive Statistics
Descriptive Statistics
  • Collect data

    • e.g., Survey

Descriptive Statistics  Collect data  e.g., Survey  Present data  e.g., Tables and graphs
  • Present data

    • e.g., Tables and graphs

  • Characterize data

Descriptive Statistics  Collect data  e.g., Survey  Present data  e.g., Tables and graphs
Descriptive Statistics  Collect data  e.g., Survey  Present data  e.g., Tables and graphs
  • e.g., The sample mean

Inferential Statistics
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

Inferential Statistics  Estimation  e.g., Estimate the population mean weight using the sample mean weight

Drawing conclusions about a large group of

individuals based on a smaller group.

Basic Vocabulary of Statistics
Basic Vocabulary of Statistics

VARIABLES

Variables are characteristics of an item or individual and are what you analyze when you use a statistical method.

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.

Basic Vocabulary of Statistics
Basic Vocabulary of Statistics

POPULATION A population consists of all the items or individuals about which you want to draw a conclusion. The population is the “large group.”

SAMPLE

A sample is the portion of a population selected for analysis. The sample is the “small group.”

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.

Population vs. Sample
Population vs. Sample

Population

Population vs. Sample Population Sample Measures used to describe the population are called parameters Measures used

Sample

Population vs. Sample Population Sample Measures used to describe the population are called parameters Measures used

Measures used to describe the population are called parameters

Measures used to describe the sample are called statistics

This Book Is Organized To Show

The Four Uses Of Statistics
The Four Uses Of Statistics
  • To summarize business data (Chapters 2 & 3)

  • To draw conclusions from business data (Chapters 4 12)

  • To make reliable forecasts about business activities (Chapters 13 16)

  • To improve business processes (Chapter 18)

Types of Variables
Types of Variables
  • Categorical (qualitative) variables have values that can only be placed into categories, such as “yes” and “no.”

  • Numerical (quantitative) variables have values that represent quantities.

    • Discrete variables arise from a counting process

    • Continuous variables arise from a measuring process

Types of Variables
Types of Variables
Variables Categorical Numerical Examples: Marital Status  Discrete Continuous Political Party 
Variables
Categorical
Numerical
Examples:
Marital Status
Discrete
Continuous
Political Party
  • Eye Color

(Defined categories)

Examples:

Examples:

  • Number of Children

  • Weight

  • Defects per hour

  • Voltage

(Counted items)

(Measured characteristics)

Levels of Measurement
Levels of Measurement

A nominal scale classifies data into distinct categories in which no ranking is implied.

Categorical Variables

Categories

Personal Computer Ownership

Categorical Variables Categories Personal Computer Ownership Type of Stocks Owned Internet Provider Yes / No Growth

Type of Stocks Owned

Categorical Variables Categories Personal Computer Ownership Type of Stocks Owned Internet Provider Yes / No Growth

Internet Provider

Categorical Variables Categories Personal Computer Ownership Type of Stocks Owned Internet Provider Yes / No Growth

Yes / No

Growth / Value / Other

Microsoft Network / AOL/ Other

Levels of Measurement (con’t.)
Levels of Measurement (con’t.)

An ordinal scale classifies data into distinct categories in which ranking is implied

Categorical Variable

Ordered Categories

Student class designation

Product satisfaction

Faculty rank

Standard & Poor’s bond ratings

Student Grades

Freshman, Sophomore, Junior, Senior

Satisfied, Neutral, Unsatisfied

Professor, Associate Professor,

Assistant Professor, Instructor

AAA, AA, A, BBB, BB, B, CCC, CC, C, DDD, DD, D

A, B, C, D, F

Levels of Measurement (con’t.)
Levels of Measurement (con’t.)
  • An interval scale is an ordered scale in which the difference between measurements is a meaningful quantity but the measurements do not have a true zero point.

  • A ratio scale is an ordered scale in which the difference between the measurements is a meaningful quantity and the measurements have a true zero point.

Interval and Ratio Scales
Interval and Ratio Scales
Interval and Ratio Scales Copyright ©2012 Pearson Education, Inc. publishing as Prentice Hall Chap 1-18
Chapter Summary
Chapter Summary

In this chapter, we have

  • Introduced the basic vocabulary and definitions of statistics, and the role of statistics in turning data into information to facilitate decision making

  • Examined the use of statistics to:

    • Summarize data

    • Draw conclusions from data

    • Make reliable forecasts

    • Improve business processes

  • Examined descriptive vs. inferential statistics

  • Reviewed data types and measurement level