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Copyright ©2011 Pearson Education, Inc. publishing as Pren Copyright ©2011 Pearson Education, Inc. publishing as Pren

Copyright ©2011 Pearson Education, Inc. publishing as Pren - PowerPoint Presentation

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Copyright ©2011 Pearson Education, Inc. publishing as Pren - PPT Presentation

1 1 1 1 1 1 Statistics for Managers using Microsoft Excel 6 th Edition Chapter 1 Introduction 1 2 Copyright 2011 Pearson Education Inc publishing as Prentice Hall Copyright 2011 Pearson Education Inc publishing as Prentice Hall ID: 188561

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Copyright ©2011 Pearson Education, Inc. publishing as Prentice Hall

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Statistics for Managers using Microsoft Excel6th Edition

Chapter 1

IntroductionSlide2

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Learning Objectives

In this chapter you learn:

How business uses statistics

The basic vocabulary of statistics

How to use Microsoft Excel with this bookSlide3

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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 reportsSlide4

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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 processesSlide5

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Two Different Branches Of Statistics Are Used In Business

Statistics

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

Descriptive Statistics

Collecting, summarizing, presenting and analyzing data

Inferential Statistics

Using data collected from a small group to draw conclusions about a larger groupSlide6

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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 about a 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 SigmaSlide7

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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 of individuals based on a smaller group.Slide9

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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.

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.

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Basic Vocabulary of Statistics

POPULATION

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population

consists of all the items or individuals about which you want to draw a conclusion. The population is the “large group”

SAMPLE

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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 characteristic of a population.

STATISTIC

A

statistic

is a numerical measure that describes a characteristic of a sample.Slide11

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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

statisticsSlide12

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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)Slide13

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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 haveSlide14

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