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Statistic and Data

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You are on page 1of 33

McGraw-Hill/Irwin

Chapter 1 Learning

Objectives (LOs)

LO 1.1: Describe the importance of statistics.

LO 1.2: Differentiate between descriptive statistics

and inferential statistics.

LO 1.3: Explain the need for sampling and discuss

various data types.

LO 1.4: Describe variables and various types of

measurement scales.

1-2

Tween Survey

Q1. Which radio station was playing on

your drive to the ski resort?

Q2. Rate the quality of the food at the

resort

on a scale of 1 to 4.

Q3. What time should the main dining area

close?

Q4. How much of your own money did you

spend at the lodge today?

1-3

Tween Survey

1-4

Tween Survey

1. Classify the tweens responses into the

appropriate measurement scale.

2. Extract useful information from each

measurement scale.

3. Provide management with suggestions for

improvement.

1-5

Statistics

LO 1.1 Describe the importance of

statistics.

decisions and costly mistakes

- Differentiate between sound statistical

conclusions and questionable

conclusions.

1-6

Statistics

Example 1. Headline of newspaper

LO

1.1

amounts of snow in 2010.

draw conclusion based on one data point.

1-7

Statistics

LO

1.1

roll a 7 on his next roll of the dice since he

was unsuccessful in the last three rolls.

probability of rolling a 7 stays constant

with each roll of the dice.

1-8

Statistics

LO

1.1

15-point lead for Martha Coakley in the

election for U.S. senator for Massachusetts,

implying an easy win for Coakley. Nine days

later, Scott Brown wins.

prediction was based on old information and

included people that were unlikely to vote.

1-9

Statistics

LO

1.1

that business is picking up since sales at stores

open at least a year climbed 4% in the quarter

ended December 27, 2009.

the companys financial position by failing to

mention that Starbucks closed more than 800

stores over the past few years.

1-10

Statistics

LO

1.1

infants who sleep with a nightlight are much

more likely to develop myopia.

example of the correlation-to-causation

fallacy. Even if two variables are highly

correlated, one does not necessarily

cause the other.

1-11

LO 1.2 Differentiate between descriptive statistics and

inferential statistics.

useful information from a data set.

To do good statistics, you must

Use the appropriate statistical tools.

Clearly communicate the numerical

information into written language.

1-12

LO

1.2

Descriptive Statistics

collecting, organizing, and presenting the

data.

Inferential Statistics

drawing conclusions about a population

based on sample data from that population .

1-13

LO

1.2

Population

Sample

sample data and is used to make inferences

about the population parameter.

1-14

LO 1.3 Explain the need for sampling and discuss

various data types.

entire population

Often impossible to gather information on the

entire population

1-15

LO

1.3

Types of Data

Cross-sectional data

many subjects at the same point in time, or without

regard to differences in time.

Subjects might include individuals, households,

firms, industries, regions, and countries.

The survey data from the Introductory Case is an

example of cross-sectional data.

1-16

LO

1.3

Types of Data

subject over several time periods.

Data can include daily, weekly, monthly, quarterly,

or annual observations.

This graph plots the U.S.

GDP

growth rate from

1980

to 2010 - it is an

example of

time series

data.

1-17

LO

1.3

Web

1-18

LO 1.4 Describe variables and various types of

Measurement

measurement scales.

being observed on an object of interest.

Types of Variables

Quantitative test scores, age, weight

Discrete

Continuous

1-19

Measurement

Types of Quantitative Variables

LO

1.4

Discrete

A discrete variable assumes a

countable number of distinct values.

Examples: Number of children in a

family, number of points scored in a

basketball game.

1-20

Measurement

Types of Quantitative Variables

LO

1.4

Continuous

A continuous variable can assume an

infinite number of values within some

interval.

Examples: Weight, height, investment

return.

1-21

Measurement

LO

1.4

Scales of Measure

Nominal

Ordinal

Interval

Ratio

Qualitative Variables

Quantitative Variables

1-22

Measurement

The Nominal Scale

LO

1.4

Data are simply categories for grouping the data.

NYSE = New York Stock Exchange

Nasdaq = National Ass os Securities Dealer Automated Quatations

to quantitative values for

analysis purposes.

1-23

Measurement

LO

1.4

respect to some characteristic or trait.

scale (excellent, good, fair, poor).

because the actual numbers used may be arbitrary.

between instructor quality.

1-24

Measurement

LO

1.4

data differ merely in name or label.

1-25

Measurement

LO

1.4

How are the data based on the ratings of the food quality

similar to or different from the radio station data?

categorized and ranked.

1-26

Measurement

LO

1.4

to some characteristic or trait.

Differences between interval values are equal and

meaningful. Thus the arithmetic operations of

addition and subtraction are meaningful.

No absolute 0 or starting point defined.

Meaningful ratios may not be obtained.

1-27

Measurement

LO

1.4

scale of temperature.

This scale is interval because the data

are ranked and differences (+ or )

may be obtained.

But there is no absolute 0 (What

does 0F mean?)

80F

What does

mean?

40F

1-28

Measurement

LO

1.4

Ratio data may be categorized and ranked with

respect to some characteristic or trait.

Differences between interval values are equal and

meaningful.

There is an absolute 0 or defined starting point.

0 does mean the absence of Thus,

meaningful ratios may be obtained.

1-29

Measurement

LO

1.4

scale:

Business Examples: Sales, Profits, and Inventory

Levels

1-30

Example: Tweens Survey

Measurement

LO

1.4

How are the time data classified? In what ways do the time

data differ from ordinal data? What is a potential weakness

of this measurement scale?

With this type of data we can calculate meaningful

differences, however, there is no apparent zero point.

1-31

Example: Tweens Survey

Measurement

LO

1.4

it considered the most sophisticated form of data?

this is ratio-scaled data; ratio-scaled data has a natural zero

point which allows the calculation of ratios.

1-32

may want to direct its advertising dollars to this

station.

55% of the tweens felt that the food was, at best,

fair.

95% of the tweens would like the dining area to

remain open later.

85% of the tweens spent their own money at the

lodge.

1-33

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