Business Statistics

Jul 14, 2010Download as pptx, pdf6 likes9,256 views

This course introduces students to statistical techniques for business decision making. Students will learn to analyze and present business data using appropriate software and statistical tools. Topics covered include descriptive statistics, probability, sampling, hypothesis testing, regression analysis, and comparing means of two and three groups. Assessments include a midterm, project, and final exam. Statistics are used to organize and analyze information to make it more easily understood, allowing judgments about the world. Descriptive statistics describe characteristics of data sets, while inferential statistics allow inferences about populations from data samples.

The course This courses introduces students to a range of statistical techniques that are appropriate in business practice and decision making. Students will learn how to make appropriate use of statistical techniques.

Learning outcomes Demonstrate the use of appropriate software for converting data into meaningful information. Selected, defend, and use appropriate statistical tools for analysis of data.

Learning outcomes Analyze and present business data. Demonstrate an understanding of the role of statistics for business-focused research

TopicsData and statisticsDescriptive statistics Tables and charts Numerical methods (measures of centrality and measures of disperal)Types of dataProbability and Probability Sampling

TopicsInterval EstimationHypothesis testingMeans comparison, 2 groups and 3 groupsRegression analysisReview

AssessmentsMidterm Examination 20%Project 30%Final examination 50%

Statistics is: The science of organizing and analyzing information to make that information more easily understood. Statistics describes a set of tools that help you organize, describe, and interpret information Test scores, patient complaints, test one drug against another.

Statistics are part Of critical thinking skills which call for people to use quantitative and quantative information to make decisions. They let us make judgments about the world around us.

Categories of statsDescriptive Look at the characteristics of a data set Age GenderInferential statistics Let us make inferences about the data and populations.

Descriptive statisticsMeasures of centrality Mean Median Mode

Descriptive statisticsMeasures of Dispersal Range Variance Standard Deviation

Statistics is the methodology used to interpret and draw conclusions from collected data. It provides methods for designing research studies, summarizing and exploring data, and making predictions about phenomena represented by the data. A population is the set of all individuals of interest, while a sample is a subset of individuals from the population used for measurements. Parameters describe characteristics of the entire population, while statistics describe characteristics of a sample and can be used to infer parameters. Basic descriptive statistics used to summarize samples include the mean, standard deviation, and variance, which measure central tendency, spread, and how far data points are from the mean, respectively. The goal of statistical data analysis is to gain understanding from data through defined steps.

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This document provides an introduction to statistics. It discusses why statistics is important and required for many programs. Reasons include the prevalence of numerical data in daily life, the use of statistical techniques to make decisions that affect people, and the need to understand how data is used to make informed decisions. The document also defines key statistical concepts such as population, parameter, sample, statistic, descriptive statistics, inferential statistics, variables, and different types of variables.

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This chapter introduces the basic concepts and terminology of statistics. It discusses two main branches of statistics - descriptive statistics which involves collecting, organizing and summarizing data, and inferential statistics which allows drawing conclusions about populations from samples. The chapter also covers variables, populations, samples, parameters, statistics and how to organize and visualize data through tables, charts and graphs. It emphasizes that statistics helps turn data into useful information for decision making in business.

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Statistics can be defined in both a singular and plural sense. In the singular sense, it refers to statistical methods for collecting, analyzing, and interpreting numerical data. In the plural sense, it refers to the actual numerical facts or data collected. Statistics involves systematically collecting, organizing, presenting, analyzing, and interpreting numerical data to describe features and characteristics. It allows for comparing facts, establishing relationships, and facilitating policymaking and decision making. However, statistics only studies aggregates and averages, not individual cases, and results are true only on average. It also requires properly contextualizing and referencing results.

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This document provides an introduction to business statistics for a 4th semester BBA course. It defines statistics as the collection, analysis, and interpretation of numerical data. Descriptive statistics are used to summarize data through measures of central tendency, dispersion, graphs and tables. Inferential statistics allow generalization from samples to populations through estimation of parameters and hypothesis testing. The key terms of population, sample, parameter, and statistic are defined. Variables are characteristics that can take on different values and are classified as qualitative or quantitative. Quantitative variables are further divided into discrete and continuous types. Descriptive statistics simply describe data while inferential statistics make inferences about unknown population characteristics based on samples.

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Basic statistics is the science of collecting, organizing, summarizing, and interpreting data. It allows researchers to gain insights from data through graphical or numerical summaries, regardless of the amount of data. Descriptive statistics can be used to describe single variables through frequencies, percentages, means, and standard deviations. Inferential statistics make inferences about phenomena through hypothesis testing, correlations, and predicting relationships between variables.

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Bbs11 ppt ch01Tuul Tuul

This chapter introduces basic concepts in business statistics including how statistics are used in business, types of data and their sources, and popular software programs like Microsoft Excel and Minitab. It discusses descriptive versus inferential statistics and reviews key terminology such as population, sample, parameters, and statistics. The chapter also covers different types of variables, levels of measurement, and considerations for properly using statistical software programs.

Data analysis aug-11DrVinodhiniYallagand

The document discusses various methods for analyzing and interpreting data. It describes descriptive analysis which helps summarize data patterns. Statistical analysis techniques like clustering, regression, and cohorts are explained. Inferential analysis makes judgments about differences between groups. Qualitative and quantitative methods are outlined for interpreting data through coding and establishing relationships. The purpose of data analysis and interpretation is to answer research questions and determine trends to support decision making.

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The document provides an overview of a business statistics course, including topics covered, applications in different business fields, and examples of descriptive statistics. The course covers topics such as data collection, descriptive statistics, statistical inference, and the use of computers for analysis. Descriptive statistics are used to summarize parts cost data from 50 car tune-ups, finding an average cost of $79. Inferential statistics are used to estimate population characteristics based on sample data.

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Business Statistics

1. Business Statistics

2. The course This courses introduces students to a range of statistical techniques that are appropriate in business practice and decision making. Students will learn how to make appropriate use of statistical techniques.

3. Learning outcomes Demonstrate the use of appropriate software for converting data into meaningful information. Selected, defend, and use appropriate statistical tools for analysis of data.

4. Learning outcomes Analyze and present business data. Demonstrate an understanding of the role of statistics for business-focused research

5. TopicsData and statisticsDescriptive statistics Tables and charts Numerical methods (measures of centrality and measures of disperal)Types of dataProbability and Probability Sampling

6. TopicsInterval EstimationHypothesis testingMeans comparison, 2 groups and 3 groupsRegression analysisReview

7. AssessmentsMidterm Examination 20%Project 30%Final examination 50%

8. Statistics is: The science of organizing and analyzing information to make that information more easily understood. Statistics describes a set of tools that help you organize, describe, and interpret information Test scores, patient complaints, test one drug against another.

9. Statistics are part Of critical thinking skills which call for people to use quantitative and quantative information to make decisions. They let us make judgments about the world around us.

10. Categories of statsDescriptive Look at the characteristics of a data set Age GenderInferential statistics Let us make inferences about the data and populations.

11. Data sets

12. Descriptive statisticsMeasures of centrality Mean Median Mode

13. Descriptive statisticsMeasures of Dispersal Range Variance Standard Deviation

14. Inferential statistics You are interested in finding out which is the most appealing name for a new brand of potato chips. You find a group of potato chip eaters that is representative of all potato chip eaters and ask these people to tell which names for potato chips that they like best. Then you extrapolate (infer) the findings to a huge group of potato chip eaters

Business Statistics

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