Stat

Business Statistics

Prof. Lancelot JAMES

Hong Kong University of Science and Technology, Information and Systems ManagemenT

ISMT-551 _ Fall 2006

Outline of the Course

Prerequisites-Good STAMINA Class Participation is Encouraged Grading: Homeworks/Projects and Final Exam Textbook: Bowerman, O’ Connell, Orris (2004) Essentials of Business Statistics. Mc Graw Hill. Use the online tutorials (http://highered.mcgraw-hill.com/sites/ 0072827823/student_view0/electronic_ tutorials.html)

Salutations

Prof/Dr. James

Introduction

Descriptive Statistics

What is statistics?

The formal definition is simply the study or analysis of data. Statistics is a tool for studying a characteristic or a behavior in the real world based on a sample from the entire population

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DATA IS EVERYWHERE

Introduction

Descriptive Statistics

How might statistics be used in a business context?

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To know how to present and describe information To know how to draw conclusions about large populations based only on information obtained in samples To know how to improve processes To know how to obtain forecasts Making DECISIONS

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Introduction Populations and samples

Descriptive Statistics

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ParameterA summary measure that describes a characteristic of an entire population. For example the average height of people in the US. Sample A portion of the population that is selected for analysis. A Statistic: A summary measure computed from sample data that is used to describe or estimate a characteristic of the entire population.

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Introduction Populations and samples

Descriptive Statistics

Key Definitions

a Population is a set of existing units (people, objects, events,...) a Variable is any characteristic of a Population All the population measurements may be collected in a Census. a Sample is a subset of the units in the population. A sample of measurements that can be

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Described ⇒ Descriptive Statistics Used to...