Statistics for Business and Economics II Stat II Dr. Shuguang Liu

Dr. Liu, School of Business, SUNY New Paltz2 Outline Course overview Administrative stuff Introduction to stat II

Course Overview

Dr. Liu, School of Business, SUNY New Paltz4 Who Am I? Ph.D. in management science Master of Business Administration Courses taught OM, MS, BRM, BDSS, Stat Calculus for Manager

Dr. Liu, School of Business, SUNY New Paltz5 My Contact Information Office: VH 335 Telephone: x

Dr. Liu, School of Business, SUNY New Paltz6 The Goals for This Course Are Introduce a wide variety of Statistics issues and techniques Prepare a foundation for More in-depth study Working as a statistician Maintain a practical focus Application oriented Results providing insights to decisions and solution to problems Practice using select tools & techniques

Dr. Liu, School of Business, SUNY New Paltz7 Your Learning in This Course Will Occur in Two Ways Class discussions Working problems (quizzes and assigned homework)

Administrative Stuff

Dr. Liu, School of Business, SUNY New Paltz9 Course Pre-requisites Statistics – descriptive statistics, probability PC software – MS Excel

Dr. Liu, School of Business, SUNY New Paltz10 The Requirements for This Course Are Simple Read before you come to class Participate during class Take quizzes Complete homework assignments on time Take the exams

Dr. Liu, School of Business, SUNY New Paltz11 The Grading for the Course Will Be Quizzes: 15% Homework (6): 15% Midterm I: 20% Midterm II: 20% Final exam: 30%

Dr. Liu, School of Business, SUNY New Paltz12 Exams Schedule Will Be Currently scheduled for: Exam I Exam II Final exam Not cumulative I’ll allow some notes

Dr. Liu, School of Business, SUNY New Paltz13 Course Materials You’ll Want to Have Textbook: Berenson, Levine, and Krehbiel, basic business statistics. Prentice hall, 10 th edition.

Dr. Liu, School of Business, SUNY New Paltz14 Course Web Page m Handouts as they become available Homework solutions Announcements So check frequently

Some Introduction

Dr. Liu, School of Business, SUNY New Paltz16 Why Are You Taking This Course? I have a burning desire to be an statistician I’m strangely attracted to statistics and related subjects They made me do it

Dr. Liu, School of Business, SUNY New Paltz17 Descriptive Statistics Descriptive statistics are the tabular, graphical, and numerical methods used to summarize data.

Dr. Liu, School of Business, SUNY New Paltz18 Numerical Descriptive Statistics Hudson’s average cost of parts, based on the 50 Hudson’s average cost of parts, based on the 50 tune-ups studied, is $79 (found by summing the tune-ups studied, is $79 (found by summing the 50 cost values and then dividing by 50). 50 cost values and then dividing by 50). The most common numerical descriptive statistic The most common numerical descriptive statistic is the average (or mean). is the average (or mean).

Dr. Liu, School of Business, SUNY New Paltz19 Population Sample Statistical inference Census Sample survey  the set of all elements of interest in a particular study particular study  a subset of the population  the process of using data obtained from a sample to make estimates from a sample to make estimates and test hypotheses about the and test hypotheses about the characteristics of a population characteristics of a population  collecting data for a population  collecting data for a sample Statistical Inference

Dr. Liu, School of Business, SUNY New Paltz20 Process of Statistical Inference 1. Population consists of all tune-ups. Average cost of parts is unknown unknown. 2. A sample of 50 engine tune-ups is examined. 3. The sample data provide a sample average parts cost of $79 per tune-up. 4. The sample average is used to estimate the population average. population average.

Dr. Liu, School of Business, SUNY New Paltz21 Computers and Statistical Analysis Statistical analysis often involves working with Statistical analysis often involves working with large amounts of data. large amounts of data. Computer software is typically used to conduct the Computer software is typically used to conduct the analysis. analysis. Statistical software packages such as Microsoft Excel Statistical software packages such as Microsoft Excel and Minitab are capable of data management, analysis, and Minitab are capable of data management, analysis, and presentation. and presentation. Instructions for using Excel and Minitab are provided Instructions for using Excel and Minitab are provided in chapter appendices. in chapter appendices.

Dr. Liu, School of Business, SUNY New Paltz22 What Will be Covered? Hypothesis Testing One population Two population Analysis of Variance and Experimental Design Simple Linear Regression

Dr. Liu, School of Business, SUNY New Paltz23 Projected Schedule