statistics for business and economics ii stat ii 20311 dr. shuguang liu
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Statistics for Business and Economics II
Stat II 20311Dr. Shuguang Liu
Dr. Liu, School of Business, SUNY New Paltz
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Outline
Course overviewAdministrative stuffIntroduction to stat II
Course Overview
Dr. Liu, School of Business, SUNY New Paltz
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Who Am I?
Ph.D. in management scienceMaster of Business AdministrationCourses taught OM, MS, BRM, BDSS, Stat Calculus for Manager
Dr. Liu, School of Business, SUNY New Paltz
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My Contact Information
Office: VH 335Telephone: x2960Email: [email protected]
Dr. Liu, School of Business, SUNY New Paltz
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The Goals for This Course Are
Introduce a wide variety of Statistics issues and techniquesPrepare a foundation for More in-depth study Working as a statistician
Maintain a practical focus Application oriented Results providing insights to decisions and
solution to problems
Practice using select tools & techniques
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Your Learning in This Course Will Occur in Two Ways
Class discussionsWorking problems (quizzes and assigned homework)
Administrative Stuff
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Course Pre-requisites
Statistics – descriptive statistics, probabilityPC software – MS Excel
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The Requirements for This Course Are Simple
Read before you come to classParticipate during classTake quizzesComplete homework assignments on timeTake the exams
Dr. Liu, School of Business, SUNY New Paltz
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The Grading for the Course Will Be
Quizzes: 15%Homework (6): 15%Midterm I: 20%Midterm II: 20%Final exam: 30%
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Exams Schedule Will Be
Currently scheduled for: Exam I Exam II Final exam
Not cumulativeI’ll allow some notes
Dr. Liu, School of Business, SUNY New Paltz
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Course Materials You’ll Want to Have
Textbook: Berenson, Levine, and Krehbiel, basic
business statistics. Prentice hall, 10th edition.
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Course Web Page
http://www.newpaltz.edu/~liush/stat2.htm
Handouts as they become availableHomework solutionsAnnouncementsSo check frequently
Some Introduction
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Why Are You Taking This Course?
I have a burning desire to be an statisticianI’m strangely attracted to statistics and related subjectsThey made me do it
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Descriptive Statistics
Descriptive statistics are the tabular, graphical, and numerical methods used to summarize data.
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Numerical Descriptive Statistics
Hudson’s average cost of parts, based on the 50Hudson’s average cost of parts, based on the 50 tune-ups studied, is $79 (found by summing thetune-ups studied, is $79 (found by summing the 50 cost values and then dividing by 50).50 cost values and then dividing by 50).
The most common numerical descriptive statisticThe most common numerical descriptive statistic is the is the averageaverage (or (or meanmean).).
Dr. Liu, School of Business, SUNY New Paltz
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PopulationPopulation
SampleSample
Statistical inferenceStatistical inference
CensusCensus
Sample surveySample survey
the set of all elements of interest in athe set of all elements of interest in a particular studyparticular study
a subset of the populationa subset of the population
the process of using data obtainedthe process of using data obtained from a sample to make estimatesfrom a sample to make estimates and test hypotheses about theand test hypotheses about the characteristics of a populationcharacteristics of a population
collecting data for a populationcollecting data for a population
collecting data for a samplecollecting data for a sample
Statistical Inference
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Process of Statistical Inference
11. Population . Population consists of allconsists of all
tune-ups. Averagetune-ups. Averagecost of parts iscost of parts is
unknownunknown.
22. A sample of 50. A sample of 50engine tune-ups engine tune-ups
is examined.is examined.
33. The sample data . The sample data provide a sampleprovide a sample
average parts costaverage parts costof $79 per tune-up.of $79 per tune-up.
44. The sample average. The sample averageis used to estimate theis used to estimate the population average.population average.
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Computers and Statistical Analysis
Statistical analysis often involves working withStatistical analysis often involves working with large amounts of datalarge amounts of data.. Computer softwareComputer software is typically used to conduct the is typically used to conduct the analysis.analysis. Statistical software packages such as Statistical software packages such as Microsoft ExcelMicrosoft Excel and and MinitabMinitab are capable of data management, analysis, are capable of data management, analysis, and presentation.and presentation.
Instructions for using Excel and Minitab are providedInstructions for using Excel and Minitab are provided in chapter appendices.in chapter appendices.
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What Will be Covered?
Hypothesis Testing One population Two population
Analysis of Variance and Experimental DesignSimple Linear Regression
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Projected Schedule