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Chapter 1Chapter 1
Introduction: Defining theIntroduction: Defining theRole of Statistics in BusinessRole of Statistics in Business
 
 
StatisticsStatistics
Art and Science of Collecting andArt and Science of Collecting andUnderstandingUnderstanding
DATADATA
::
DATA = Recorded InformationDATA = Recorded Information
e.g., Sales, Productivity, Quality, Costs,e.g., Sales, Productivity, Quality, Costs,Return, …Return, …
Why? Because you want:Why? Because you want:
Best use of imperfect information:Best use of imperfect information:
e.g., 50,000 customers, 1,600 workers,e.g., 50,000 customers, 1,600 workers,386,000 transactions,…386,000 transactions,…
Good decisions in uncertain conditions:Good decisions in uncertain conditions:
e.g., new product launch: Fail? OK? Makee.g., new product launch: Fail? OK? Make
 
 
Activities of StatisticsActivities of Statistics
1.1.
DesigningDesigning
the study:the study:
First stepFirst step
Plan for data-gatheringPlan for data-gathering
Random sample (control bias and error)Random sample (control bias and error)
2.2.
ExploringExploring
the data:the data:
First step (once you have data)First step (once you have data)
Look at, describe, summarize the dataLook at, describe, summarize the data
Are you on the right track?Are you on the right track?
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