Statistical Techniqiues in Business.Pdf

Managerial Statistics

Title : Period : I. REVIEW OF ELEMENTARY STATISTICAL TOPICS 4 hours

Module 1

Objectives At the end of the lesson, students are expected to: 1. define statistics and describe its fundamental principles 2. identify the areas of statistical activities and study 3. illustrate how data are collected, organized, and interpreted to support decision making 4. illustrate how statistical graphs are selected and designed for presentation purposes 5. explain the importance of statistics in managerial decision-making

II. Subject Matter 1. Topics a. Introduction b. Major Areas of Statistics c. Statistical Methods d. Statistical Data e. Variables f. Statistical Studies g. Statistical Graphics 2. Educational Resource(s) a. Black, K. (2008). Business Statistics for Contemporary Decision Making, 5th Edition, John Wiley & Sons: USA b. Lind, D., Marchal, W, Wathen, S. (2008). Statistical Techniques in Business & Economics, 13th Edition, NY MacGraw-Hill Irwin: New York c. Willemse, I. (2004). Statistical Methods for Business and Business Calculations, 2nd Edition, Juta & Co.: South Africa d. http://www.scribd.com/doc e. http://stattrek.com f. http://mathforum.org/dr.math/ 3. Materials a. Lecture notes b. PowerPoint presentation c. PCs/Calculators III. Learning Procedures and Strategies 1. Preparatory Activity a. Introduction: Information is an essential element in management and much of it is in statistical form. Managers need statistics to help set targets and objectives to

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Managerial Statistics

Module 1

monitor performance against standards, to exercise control and to assist in making decisions. Everybody uses statistics to compare process in shops, to look at the performance of new cars, to buy a house and so on; managers use statistics in similar ways and for a range of activities, from buying policy to quality control, market research, investment decisions, forward planning and union bargaining. Statistics is a vital part...