Submitted by: Submitted by bogdan
Views: 258
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Pages: 3
Category: Business and Industry
Date Submitted: 10/20/2011 12:55 PM
What do you know about Business Statistics? Why Statistics?
Managers need statistical skills
To gain greater understanding of the problems they face To transform data in information To draw conclusions from samples To obtain reliable forecasts
Week 1
Managers need to
Make informed strategic decisions Combine executive intuition with the facts available
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What is Business Statistics?
A field of study that quantifies the information contained in sets of numbers and uses that information to make predictions and decisions Objective: Statistics provides quantitative information for Decision Making Raw Material: DATA
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Population/sample/variable
Population: a set of units that are interested in studying Variable or characteristic – refer to an individual unit Sample: a subset of units in the population
Inference (generalization)
Sample
(of units)
(of units)
Sam ple
Population
(with units)
Too few units?
Population
(with units)
Census? Ohh!..Too many units!
Inference (estimate, prediction…) Measure of Reliability
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Sam ple
Sample
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Data in Management
Any kind of recorded information
Financial statements Sales reports (and other internal records) Market survey results Production quality measures Security prices and volumes and interest rates Personnel records (and other internal databases).
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Types of Data
Sources of Data
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TWO PARTS OF BUSINESS STATISTICS
Descriptive vs Inferential Statistics
DESCRIPTIVE The population or sample of interest One or more variables to investigate Tables, graphs, numerical summary tools...