Statistics for Business and Economics Chapter 1 Statistics, Data, & Statistical Thinking.

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Presentation transcript:

Statistics for Business and Economics Chapter 1 Statistics, Data, & Statistical Thinking

Learning Objectives 1.Define Statistics 2.Describe the Uses of Statistics 3.Distinguish Descriptive & Inferential Statistics 4.Define Population, Sample, Parameter, and Statistic 5.Define Quantitative and Qualitative Data 6.Define Random Sample

What Is Statistics? Why? 1.Collecting Data e.g., Survey 2.Presenting Data e.g., Charts & Tables 3.Characterizing Data e.g., Average Data Analysis Decision- Making © T/Maker Co.

Application Areas Economics –Forecasting –Demographics Sports –Individual & Team Performance Engineering –Construction –Materials Business –Consumer Preferences –Financial Trends

Statistical Methods Statistical Methods Descriptive Statistics Inferential Statistics

Descriptive Statistics 1.Involves Collecting Data Presenting Data Characterizing Data 2.Purpose Describe Data  X = 30.5 S 2 = Q1Q2Q3Q4 $

1.Involves Estimation Hypothesis Testing 2.Purpose Make decisions about population characteristics Inferential Statistics Population?

Key Terms 1.Population (Universe) All items of interest 2.Sample Portion of population 3.Parameter Summary measure about population 4.Statistic Summary measure about sample P P PP in Population & Parameter S S SS in Sample & Statistic

Types of Data Types of Data Quantitative Data Qualitative Data

Quantitative Data Measured on a numeric scale. Number of defective items in a lot. Salaries of CEO's of oil companies. Ages of employees at a company

Qualitative Data Classified into categories. College major of each student in a class. Gender of each employee at a company. Method of payment (cash, check, credit card). $ Credit

Random Sample Every sample of size n has an equal chance of selection.

Statistical Computer Packages 1.Typical Software SAS SPSS MINITAB Excel 2.Need Statistical Understanding Assumptions Limitations

Conclusion 1.Defined Statistics 2.Described the Uses of Statistics 3.Distinguished Descriptive & Inferential Statistics 4.Defined Population, Sample, Parameter, and Statistic 5.Defined Quantitative and Qualitative Data 6.Defined Random Sample

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