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➢ Introduction.
➢ Data Collection, Experimental Design and Frequency
Distributions.
➢ Measures of central tendency & dispersion
➢ Correlation and Regress.
➢ Probability.
1. Basic concept of Probability.
2. Complements, Intersections, and Unions.
3. Independent event ,Conditional Probability.
➢ Random Variables.
Business Statistics: A First Course, 5e © 2009 Prentice-Hall, Inc. Chap 1-1
1. Discrete Random Variables.
2. Continuous Random Variables.
➢ probability Distribution.
1. Discrete Probability Distribution.
I. Binomial Distribution.
II. Bernoulli distribution.
III. Poisson distribution.
1. Normal Distributions.
2. Continuous Uniform Distribution.
3. Exponential distribution.
➢ Hypothesis testing ( Z-test, T-test, F-test ).
Business Statistics: A First Course, 5e © 2009 Prentice-Hall, Inc. Chap 1-2
Business Statistics and decisions
making
Chapter 1
Statistics
◼ The branch of statistics that transforms data into useful
information for decision makers.
◼ Collect data
◼ e.g., Survey
◼ Display data
◼ e.g., Tables and graphs
◼ Characterize data
◼ e.g., Sample mean =
X i
POPULATION
A population consists of all the items or individuals about which
you want to draw a conclusion.
SAMPLE
A sample is the part of a population selected for analysis.
PARAMETER
A parameter is a numerical measure that describes a characteristic
of a population.
STATISTIC
A statistic is a numerical measure that describes a characteristic of
a sample.
Business Statistics. And decisions making, 2019 Chap 1-12
Population vs. Sample
Population Sample
◼ A designed experiment
◼ A survey
◼ An observational study
Data
Categorical Numerical
Examples:
◼ Marital Status
◼ Political Party Discrete Continuous
◼ Eye Color
(Defined categories) Examples: Examples:
◼ Number of Children ◼ Weight
◼ Defects per hour ◼ Number of peoples
(Counted items) (Measured characteristics)
Business Statistics. And decisions making, 2019
Chap 1-19
Chapter Summary
In this chapter, we have
▪ Reviewed why a manager needs to know statistics
▪ Introduced key definitions:
▪ Population vs. Sample
▪ Primary vs. Secondary data types
▪ Categorical vs. Numerical data
▪ Examined descriptive vs. inferential statistics
▪ Reviewed data types