Introduction to Business Statistics
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Here are some common sources of primary and secondary data: Primary data sources: - Surveys (questionnaires, interviews) - Experiments - Observations - Focus groups Secondary data sources: - Government data (census data, vital statistics) - Published research studies - Organizational records and documents - Media reports - Commercial data providers
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- 1. Course Title: Business Statistics BBA (Hons) 2nd Semester Course Instructor: Atiq ur Rehman Shah Lecturer, Federal Urdu University of Arts, Science & Technology, Islamabad +92-345-5271959 aatresh@gmail.com
- 2. Learning Objectives • Define statistics • Become aware of a wide range of applications of statistics in business • Differentiate between descriptive and inferential statistics • Learn about population and samples • Collection of data • Types of data
- 3. What is Statistics? • Statistics is the science of conducting studies to collect, organize, summarize, analyze and draw conclusions from data.
- 4. Statistics in Business • Accounting — auditing and cost estimation • Economics — regional, national, and international economic performance • Finance — investments and portfolio management • Management — human resources, compensation, and quality management • Management Information Systems — performance of systems which gather, summarize, and disseminate information to various managerial levels • Marketing — market analysis and consumer research • International Business — market and demographic analysis
- 5. Population Versus Sample • Population — the whole • a collection of persons, objects, or items under study • Sample — a portion of the whole • a subset of the population
- 6. Population
- 7. Population Identifier Color RD1 Red RD2 Red RD3 Red RD4 Red RD5 Red BL1 Blue BL2 Blue GR1 Green GR2 Green GY1 Gray GY2 Gray GY3 Gray
- 8. Sample and Sample Data Identifier Color RD2 Red RD5 Red GR1 Green GY2 Gray
- 9. Branches of Statistics • Descriptive statistics • Inferential statistics
- 10. Descriptive statistics • Descriptive statistics consists of the collection, organization, summarization and presentation of data. • In descriptive statistics the statistician tries to describe a situation.
- 11. Inferential statistics • Inferential statistics consists of the generalizing from samples to population, performing estimations and hypothesis test, determining relationships among variables, and make predictions. • In inferential statistics, the statistician tries to make inferences from sample to population
- 12. Collection of data- Levels of Data Measurement • Nominal • Ordinal • Interval • Ratio
- 13. Nominal Level Data • Numbers representing nominal level data are used only to classify or categorize. Example: Gender 1. Male 2. Female Example: Geographic location 1. Punjab 2. Sindh 3. KPK 4. Baluchistan
- 14. Ordinal Level Data • Numbers are used to indicate rank or order • Relative magnitude of numbers is meaningful • Differences between numbers are not comparable Example: Ranking productivity of employees Employee Rank A 2 B 3 C 1
- 15. Example of Ordinal Measurement f i n i s h 1 2 3 4 5 6
- 16. Ordinal Data Do you think your university is providing you adequate facilities?? 1 2 3 4 5 Strongly Agree Agree Strongly Disagree DisagreeNeutral
- 17. Interval Level Data • Distances between consecutive integers are equal • Relative magnitude of numbers is meaningful • Differences between numbers are comparable • Location of origin, zero, is arbitrary Example: Fahrenheit Temperature 30*, 31*, 32*, 33*
- 18. Ratio Level Data • Highest level of measurement • Relative magnitude of numbers is meaningful • Differences between numbers are comparable • Location of origin, zero, is absolute (natural) Examples: Height, Weight etc
- 19. Types of data • Primary data • Original data collected for a specific research goal. • Secondary data • Data originally collected for a different purpose and reused for another research question.
- 20. Activity What are the sources of primary and secondary data????