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edu

Text Book Statistical Techniques in Business & Economics Lind, Marchal, and Wathen Marchal, 15th Ed. 2012

Slide 1

Business Statistics

For Lecture Notes, Slides, Quizzes, Projects, Syllabus, Office Hours, Exams & Due Dates, Statistical Links, Tutorials, Bulletin Board & Much More referee to my website at the following URL: http://business.clayton.edu/arjomand

Slide 2

Chapter 1

What is Statistics

Applications in Business and Economics Data Data Sources Descriptive Statistics Statistical Inference Computers and Statistical Analysis

I need help!

Slide 3

Slide 4

Accounting Public accounting firms use statistical sampling procedures when conducting audits for their clients. Economics Economists use statistical information in making forecasts about the future of the economy or some aspect of it.

Slide 5

Marketing Electronic point-of-sale scanners at point-ofretail checkout counters are used to collect data for a variety of marketing research applications. Production A variety of statistical quality control charts are used to monitor the output of a production process.

Slide 6

Finance Financial advisors use price-earnings ratios and pricedividend yields to guide their investment recommendations.

Slide 7

Obtain input to a research study Measure performance Assist in formulating decision alternatives Satisfy curiosity Knowledge for the sake of knowledge

Slide 8

Data are the facts and figures collected, summarized, analyzed, and interpreted.

The data collected in a particular study are referred set. to as the data set.

Slide 9

The elements are the entities on which data are collected. A variable is a characteristic of interest for the elements. The set of measurements collected for a particular element is called an observation. observation. The total number of data values in a data set is the number of elements multiplied by the number of variables.

Slide 10

Variables Element Names

Stock Annual Earn/ Exchange Sales($M) Share($) AMEX OTC NYSE NYSE AMEX 73.10 74.00 365.70 111.40 17.60

Data Set

Slide 11

Scales of Measurement

Scales of measurement include:

Nominal Ordinal Interval Ratio

The scale determines the amount of information contained in the data. The scale indicates the data summarization and statistical analyses that are most appropriate.

Slide 12

Scales of Measurement

Nominal

Data are labels or names used to identify an attribute of the element. A nonnumeric label or numeric code may be used.

Slide 13

Scales of Measurement

Nominal

Example: Students of a university are classified by the school in which they are enrolled using a nonnumeric label such as Business, Humanities, Education, and so on. Alternatively, a numeric code could be used for the school variable (e.g. 1 denotes Business, 2 denotes Humanities, 3 denotes Education, and so on).

Slide 14

Scales of Measurement

Ordinal

The data have the properties of nominal data and meaningful. the order or rank of the data is meaningful. A nonnumeric label or numeric code may be used.

Slide 15

Scales of Measurement

Ordinal

Example: Students of a university are classified by their class standing using a nonnumeric label such as Freshman, Sophomore, Junior, or Senior. Alternatively, a numeric code could be used for the class standing variable (e.g. 1 denotes Freshman, 2 denotes Sophomore, and so on).

Slide 16

Scales of Measurement

Interval

The data have the properties of ordinal data, and the interval between observations is expressed in terms of a fixed unit of measure. Interval data are always numeric. numeric.

Slide 17

Scales of Measurement

Interval

Example: Melissa has an SAT score of 1205, while Kevin 1205, has an SAT score of 1090. Melissa scored 115 1090. points more than Kevin.

Slide 18

Scales of Measurement

Ratio

The data have all the properties of interval data meaningful. and the ratio of two values is meaningful. Variables such as distance, height, weight, and time use the ratio scale. This scale must contain a zero value that indicates that nothing exists for the variable at the zero point.

Slide 19

Scales of Measurement

Ratio

Example: Melissas college record shows 36 credit hours earned, while Kevins record shows 72 credit hours earned. Kevin has twice as many credit hours earned as Melissa.

Slide 20

Types of Data

Data

Numerical

(Quantitative)

Categorical

(Qualitative)

Discrete

Continuous

Slide 21

Data can be further classified as being qualitative or quantitative. quantitative. The statistical analysis that is appropriate depends on whether the data for the variable are qualitative or quantitative. In general, there are more alternatives for statistical analysis when the data are quantitative.

Slide 22

Qualitative Data

Labels or names used to identify an attribute of each element Often referred to as categorical data Use either the nominal or ordinal scale of measurement Can be either numeric or nonnumeric Appropriate statistical analyses are rather limited

Slide 23

Quantitative Data

Quantitative data indicate how many or how much: discrete, discrete, if measuring how many continuous, continuous, if measuring how much Quantitative data are always numeric. numeric. Ordinary arithmetic operations are meaningful for quantitative data.

Slide 24

Scales of Measurement

Data Qualitative Quantitative

Numerical

NonNon-numerical

Numerical

Nominal

Ordinal

Nominal

Ordinal

Interval

Ratio

Slide 25

CrossCross-Sectional Data

CrossCross-sectional data are collected at the same or approximately the same point in time. Example: Example: data detailing the number of building permits issued in June 2003 in each of the counties of Ohio

Slide 26

Time series data are collected over several time periods. Example: Example: data detailing the number of building permits issued in Lucas County, Ohio in each of the last 36 months

Slide 27

Data Sources

Data Sources

Primary

Experiment

Survey

Observation

Slide 28

Data Sources

Existing Sources Within a firm almost any department Business database services Dow Jones & Co. Government agencies - U.S. Department of Labor Industry associations Travel Industry Association of America SpecialSpecial-interest organizations Graduate Management Admission Council Internet more and more firms

Slide 29

Statistical Studies In experimental studies the variables of interest are first identified. Then one or more factors are controlled so that data can be obtained about how the factors influence the variables. In observational (non-experimental) studies no non-experimental) attempt is made to control or influence the variables of interest. a survey is a good example

Slide 30

Time Requirement

Searching for information can be time consuming. Information may no longer be useful by the time it

is available. Cost of Acquisition

when it is not their primary business activity. Data Errors

that were acquired with little care can lead to poor and misleading information.

Slide 31

What Is Statistics?

Collecting data e.g., Survey Presenting data e.g., Charts & tables Characterizing data e.g., Average

Data Analysis

Why?

DecisionDecisionMaking

Slide 32

Statistical Methods

Statistical Methods

Descriptive Statistics

Inferential Statistics

Slide 33

Descriptive Statistics

Descriptive statistics are the tabular, graphical, and numerical methods used to summarize data.

Descriptive Statistics: These are statistical methods used to describe data that have been collected.

Slide 34

The manager of Hudson Auto would like to have a better understanding of the cost of parts used in the engine tunetune-ups performed in the shop. She examines 50 customer invoices for tune-ups. The costs of parts, tunerounded to the nearest dollar, are listed on the next slide.

Slide 35

91 71 104 85 62

78 69 74 97 82

93 72 62 88 98

57 89 68 68 101

75 66 97 83 79

52 75 105 68 105

99 79 77 71 79

80 75 65 69 69

97 72 80 67 62

62 76 109 74 73

Slide 36

Parts Cost ($) 5050-59 6060-69 7070-79 8080-89 9090-99 100100-109 Parts Frequency 2 13 16 7 7 5 50 Percent Frequency 4 26 (2/50)100 32 14 14 10 100

Slide 37

TuneTune-up Parts Cost

18 16 14

Frequency

12 10 8 6 4 2

Slide 38

The most common numerical descriptive statistic is the average (or mean). mean). Hudsons average cost of parts, based on the 50 tunetune-ups studied, is $79 (found by summing the 50 cost values and then dividing by 50). 50).

Slide 39

Inferential Statistics

Involves Estimation Hypothesis testing Purpose Make decisions about population characteristics

Population?

Inferential Statistics: These are statistical methods used to find out something about population based on a sample.

Slide 40

Statistical Inference

Population the set of all elements of interest in a particular study

Sample a subset of the population Statistical inference the process of using data obtained from a sample to make estimates and test hypotheses about the characteristics of a population Census collecting data for a population Sample survey collecting data for a sample

Slide 41

1. Population

consists of all tunetune-ups. Average cost of parts is unknown. unknown

2. A sample of 50

engine tune-ups tuneis examined.

is used to estimate the population average.

provide a sample average parts cost of $79 per tune-up. tune-

Slide 42

Statistical analysis typically involves working with large amounts of data. data. Computer software is typically used to conduct the analysis. Frequently the data that is to be analyzed resides in a spreadsheet. spreadsheet. Modern spreadsheet packages are capable of data management, analysis, and presentation. MS Excel is the most widely available spreadsheet software in business organizations.

Slide 43

3 tasks might be needed: Enter Data Enter Functions and Formulas Apply Tools

1 2 3 4 5 6 7 8

Slide 44

A B Invoice # 20994 21003 21010 21094 21116 21155 21172 21198 C Parts Cost ($) 91 71 104 85 62 78 69 74 D Labor Cost ($) 185 205 192 178 242 148 165 190

1 2 3 4 5 6 7 8 9

Customer Sam Abrams Mary Gagnon Ted Dunn ABC Appliances Harry Morgan Sara Morehead Vista Travel, Inc. John Williams

Slide 45

C D E Parts Labor Cost ($) Cost ($) 91 185 71 205 104 192 85 178 62 242 78 148 69 165 74 190 F G

1 2 3 4 5 6 7 8 9

Note: Columns A-B and rows 10-51 are not shown. A10-

Slide 46

C D E Parts Labor Cost ($) Cost ($) 91 185 71 205 104 192 85 178 62 242 78 148 69 165 74 190 F G

1 2 3 4 5 6 7 8 9

79

Note: Columns A-B and rows 10-51 are not shown. A10-

Slide 47

End of Chapter 1

Slide 48

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