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TRANSCRIPT
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Copyright 2011 Pearson Education 1-11-11-1
Statistics for Managers usingMicrosoft Excel6th Global Edition
Chapter 1
Introduction
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Copyright 2011 Pearson Education 1-21-21-2
Learning Objectives
In this chapter you learn:
How business uses statistics
The basic vocabulary of statistics
How to use Microsoft Excel with this book
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Copyright 2011 Pearson Education 1-31-31-3
Why Learn Statistics
Make better sense of the world
Internet articles / reports
Magazine articles
Newspaper articles
Television & radio reports
Make better business decisions
Business memos
Business research
Technical journals
Technical reports
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Copyright 2011 Pearson Education 1-41-41-4
In Business, Statistics Has
Many Important Uses
To summarize business data
To draw conclusions from business data
To make reliable forecasts about business
activities
To improve business processes
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Copyright 2011 Pearson Education 1-51-51-5
Two Different Branches Of
Statistics Are Used In Business
StatisticsThe branch of mathematics that transforms data intouseful information for decision makers.
Descriptive Statistics
Collecting, summarizing,presenting and analyzing data
Inferential Statistics
Using data collected from asmall group to draw conclusionsabout a larger group
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These Two Branches Are Used
In The Important Activities
To summarize business data
Descriptive methods used to create charts & tables
To draw conclusions from business data
Inferential methods used to reach conclusions abouta large group based on data from a smaller group
To make reliable forecasts about business
activities
Inferential methods used to develop, quantify, and
improve the accuracy of predictive models
To improve business processes
Involves managerial approaches like Six Sigma
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Descriptive Statistics
Collect data
e.g., Survey
Present data
e.g., Tables and graphs
Characterize data
e.g., The sample mean
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Inferential Statistics
Estimation
e.g., Estimate the population
mean weight using the sample
mean weight Hypothesis testing
e.g., Test the claim that the
population mean weight is 120
pounds
Drawing conclusions about a large group ofindividuals based on a smaller group.
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Basic Vocabulary of Statistics
VARIABLES
Variables are a characteristics of an item or individual and are what you
analyze when you use a statistical method.
DATAData are the different values associated with a variable.
OPERATIONAL DEFINITIONS
Data values are meaningless unless their variables have operational
definitions, universally accepted meanings that are clear to all associatedwith an analysis.
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Basic Vocabulary of Statistics
POPULATION
A population consists of all the items or individuals about which
you want to draw a conclusion. The population is the large
group
SAMPLE
A sample is the portion of a population selected for analysis. The
sample is the small group
PARAMETER
A parameter is a numerical measure that describes a characteristicof a population.
STATISTIC
A statistic is a numerical measure that describes a characteristic of
a sample.
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Population vs. Sample
Population Sample
Measures used to describe the
population are called parameters
Measures used to describe the
sample are called statistics
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This Book Is Organized To Show
The Four Uses Of Statistics
To summarize business data (Chapters 2 & 3)
To draw conclusions from business data(Chapters 4 12)
To make reliable forecasts about business
activities (Chapters 13
16)
To improve business processes (Chapter 18)
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Chapter Summary
Introduced the basic vocabulary of statistics and the
role of statistics in turning data into information to
facilitate decision making
Examined the use of statistics to:
Summarize data
Draw conclusions from data Make reliable forecasts
Improve business processes
Examined descriptive vs. inferential statistics
In this chapter, we have
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recording, or otherwise, without the prior written permission of the publisher.
Printed in the United States of America.