Introduction to Statistics

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COMPLETE BUSINESS STATISTICS

by AMIR D. ACZEL & JAYAVEL SOUNDERPANDIAN 6th edition.

Prepared by Lloyd Jaisingh, Morehead State University

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Chapter 1

Introduction to Statistics

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1 Introduction and Descriptive Statistics

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Using Statistics Percentiles and Quartiles Measures of Central Tendency Measures of Variability Grouped Data and the Histogram Skewness and Kurtosis Relations between the Mean and Standard Deviation Methods of Displaying Data Exploratory Data Analysis

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LEARNING OBJECTIVES

After studying this chapter, you should be able to: Distinguish between qualitative data and quantitative data. Describe nominal, ordinal, interval, and ratio scales of measurements. Describe the difference between population and sample. Calculate and interpret percentiles and quartiles. Explain measures of central tendency and how to compute them. Create different types of charts that describe data sets. Use Minitab Software to compute various measures and create charts.

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WHAT IS STATISTICS?

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Statistics is a science that helps us make better decisions in business and economics as well as in other fields. Statistics teaches us how to summarize, analyze, and draw meaningful inferences from data that then lead to improve decisions. These decisions that we make help us improve the running, for example, a department, a company, the entire economy, etc.

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1-1. Using Statistics (Two Categories)

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Descriptive Statistics

     Collect Organize Summarize Display Analyze

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Inferential Statistics

 Predict and forecast values of population parameters  Test hypotheses about values of population parameters  Make decisions

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Types of Data - Two Types

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Qualitative Categorical or Nominal: Examples are Color  Gender

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Quantitative Measurable or Countable: Examples are Temperatures  Salaries

 Nationality

 Number

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