course introduction_notes 01

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Introduction

MBA 200ARIntroduction to Business Statistics

First Trimester 2007-2008

RENE N. ARGENAL, MS


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Instructor RENE N. ARGENAL

Office: Math & CS Department

Phone: 3443801 local 321/329 Email: [email protected]

Office hours: MWF 12:30- 3:00 pm.

(Other times by appointment)
mailto:[email protected]:[email protected]:[email protected]


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Introduction What we learn in this course:

Obtaining, presenting, and organizing statistical

data measures of location, dispersion, & skewness

the Normal distribution

sampling and sampling distributions

estimation and confidence intervals

hypothesis testing

interference for simple linear regression analysis

use of computers to visualize and analyze data.


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Introduction Statistics is the science of data. It is concerned

with the scientific method for collecting,organizing, summarizing, presenting, & analyzing

data as well as drawing valid conclusions andmaking reasonable decisions on the basis of suchanalysis.

Why need statistics?- Many jobs in industry, government, medicine,and other fields require you to make data-drivendecisions, so understanding these methods offersyou important practical benefits.


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Introduction Who Uses Statistics?Statistical techniques are used extensively by

marketing, accounting, quality control,consumers, professional sports people,hospital administrators, educators, politicians,

physicians,etc...


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Statistics means numerical descriptions tomost people.

Examples:-Proportion of male students in this classroom

-monthly unemployment figures.

-the failure rate of a business.

-the proportion of female executives.

-the number of van sales.

-monthly orange juice prices.

Introduction


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IntroductionAn example:

- I want to produce pens to sell.

- How much should I produce?

* If too much, I can not sell all.

* If too little, I can not earn profit.- Try different quantities at each week.

- After one month, compare profits.


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IntroductionWeek Quantity Gain Cost Profit

1 12 $36 -$26 $10

2 14 $44 -$28 $16

3 24 $48 -$36 $12

4 36 $52 -$44 $8

.


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IntroductionTwo Branches of Statistics

DESCRIPTIVE INFERENTIAL

STATISTICS


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Introduction DESCRIPTIVE - DEFINITION

Methods of organizing, summarizing, and

presenting data in an informative way.

EXAMPLE:According to Consumer Reports, Whirlpool

washing machine owners reported 9 problems per100 machines during 1999. The statistic 9 describesthe number of problems out of every 100 machines.


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Introduction Inferential Statistics

- A decision, estimate, prediction, or generalization about a

population, based on a sample. A population

A collection of possible individuals, objects, ormeasurements of interest.

A sample

A portion, or part, of the population of interest.


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IntroductionInferential Statistics

EXAMPLE :

The accounting department of a large firmwill select a sample of the invoices to checkfor accuracy for all the invoices of the

company.


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Introduction- Common Terms:* Dataare numbers or measurement collected as a result of observations.

~ e.g. age, weight, income, gender, grade, race, degree

* Population

* Sample

* Parameterany characteristic of a population which is measurable

* Statisticsany characteristics of a sample which is measurable


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IntroductionVariableany phenomenon which may

take on different values.

* Categorical variable-- put an individual into

one of several groups or categories

~ e.g. gender, grade, race, degree

*Quantitative variableuse numerical valuesfor each variable values such that additionand averaging make sense

~ e.g. salary, height, weight, age, price.


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An Example

Example:Information about employees of CyberStatCorporation. Each row of data is called a case.

(Similar to Page 5 in the text)


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Example cont.- What are theIndividuals?

- How many variables?

- Which variable iscategorical variable?

A: Mike, Maggie, Lily,Jason.

A: 6: age, gender,race, .

A: Gender, race, Jobtype, and degree.


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Example Contd- Which variable is

quantitative?A: Age, salary

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