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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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
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 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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