Business Statistics

The course

This courses introduces students to a range of statistical techniques that are appropriate in business practice and decision making. Students will learn how to make appropriate use of statistical techniques.

Learning outcomes

Demonstrate the use of appropriate software for converting data into meaningful information.

Selected, defend, and use appropriate statistical tools for analysis of data.

Learning outcomes

Analyze and present business data.

Demonstrate an understanding of the role of statistics for business-focused research

Topics

Data and statisticsDescriptive statistics

Tables and chartsNumerical methods (measures of centrality and measures of disperal)

Types of dataProbability and Probability Sampling

Topics

Interval EstimationHypothesis testingMeans comparison, 2 groups and 3 groupsRegression analysisReview

Assessments

Midterm Examination 20%Project

30%Final examination 50%

Statistics is:

The science of organizing and analyzing information to make that information more easily understood.

Statistics describes a set of tools that help you organize, describe, and interpret information

Test scores, patient complaints, test one drug against another.

Statistics are part

Of critical thinking skills which call for people to use quantitative and quantative information to make decisions.

They let us make judgments about the world around us.

Categories of stats

DescriptiveLook at the characteristics of a data set

AgeGender

Inferential statisticsLet us make inferences about the

data and populations.

Data sets

Descriptive statistics

Measures of centrality

MeanMedianMode

Descriptive statistics

Measures of Dispersal

RangeVarianceStandard Deviation

Inferential statistics

You are interested in finding out which is the most appealing name for a new brand of potato chips. You find a group of potato chip eaters that is representative of all potato chip eaters and ask these people to tell which names for potato chips that they like best. Then you extrapolate (infer) the findings to a huge group of potato chip eaters