Introduction and Data Collection

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Basic Business Statistics
11th Edition
Chapter 1
Introduction and Data Collection

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc.

Chap 1-1

Learning Objectives
In this chapter you learn:
  

How Statistics is used in business
The sources of data used in business The types of data used in business




The basics of Microsoft Excel The basics of Minitab

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-2

Why Learn Statistics?
So you are able to make better sense of the ubiquitous use of numbers:  Business memos  Business research  Technical reports  Technical journals  Newspaper articles  Magazine articles

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-3

What is statistics?


A branch of mathematics taking and transforming numbers into useful information for decision makers



Methods for processing & analyzing numbers
Methods for helping reduce the uncertainty inherent in decision making



Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-4

Why Study Statistics?
Decision Makers Use Statistics To:
 




Present and describe business data and information properly Draw conclusions about large groups of individuals or items, using information collected from subsets of the individuals or items. Make reliable forecasts about a business activity Improve business processes

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-5

Types of Statistics



Statistics

The branch of mathematics that transforms data into useful information for decision makers.

Descriptive Statistics
Collecting, summarizing, and describing data

Inferential Statistics
Drawing conclusions and/or making decisions concerning a population based only on sample data

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-6

Descriptive Statistics


Collect data


e.g., Survey



Present data


e.g., Tables and graphs



Characterize data


X e.g., Sample mean =
n

i

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-7

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 of individuals based on a subset of the large group. Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..
Chap 1-8

Basic Vocabulary of Statistics
VARIABLE A variable is a characteristic of an item or individual. DATA Data 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 associated with an analysis.

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-9

Basic Vocabulary of Statistics
POPULATION A population consists of all the items or individuals about which you want to draw a conclusion. SAMPLE A sample is the portion of a population selected for analysis. PARAMETER A parameter is a numerical measure that describes a characteristic of a population. STATISTIC A statistic is a numerical measure that describes a characteristic of a sample. Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-10

Population vs. Sample
Population Sample

Measures used to describe the population are called parameters

Measures computed from sample data are called statistics

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-11

Why Collect Data?


A marketing research analyst needs to assess the effectiveness of a new television advertisement. A pharmaceutical manufacturer needs to determine whether a new drug is more effective than those currently in use.





An operations manager wants to monitor a...
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