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McGraw-Hill/Irwin
Chapter 1
Overview of Statistics
Chapter Contents 1.1 1.2 1.3 1.4 1.5 What is Statistics? Why Study Statistics? Uses of Statistics Statistical Challenges Critical Thinking
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Chapter Learning Objectives
LO1LO1 -1: Define statistics and explain some of its uses in
business.
LO1-2: List reasons for a business student to study statistics. LO1LO1LO1 -3: State the common challenges facing business
professionals using statistics.
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Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. A statistic is a single measure (number) used to summarize a sample data set; for example, the average height of students in a university.
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For the height of students, a graduation gown manufacturer may need to know the average height for the length of the gowns or an architect may need to know the maximum height to design the height of the doorways of the classrooms.
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Communication
Understanding the language of statistics facilitates communication and improves problem solving.
Computer Skills
The use of spreadsheets for data analysis and word processors or presentation software for reports improves upon your existing skills.
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Information Management
Statistics helps summarize small and large amounts of data and reveal underlying relationships.
Technical Literacy
Career opportunities are in growth industries propelled by advanced technology. The use of statistical software increases your technical literacy.
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Inferential statistics generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, making decisions.
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Auditing
Sample from over 12,000 invoices to estimate the proportion of incorrectly paid invoices.
Marketing
Identify likely repeat customers for Amazon.com and suggest cocomarketing opportunities based on a database of 5 million Internet purchases.
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Health Care
Evaluate 100 incoming patients using a 4242-item physical and mental assessment questionnaire.
Quality Improvement
Initiate a triple inspection program, setting penalties for workers who produce poorpoor-quality output.
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Purchasing
Determine the defect rate of a shipment and whether that rate has changed significantly over time.
Medicine
Determine whether a new drug is really better than the placebo or if the difference is due to chance.
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Operations Management
Manage inventory by forecasting consumer demand.
Product Warranty
Determine the average dollar cost of engine warranty claims on a new hybrid engine.
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Business Ethics
Some broad ethical responsibilities of business are Treating customers in a fair and honest manner. Complying with laws that prohibit discrimination. Ensuring that products and services meet safety regulations.
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Business Ethics
Some broad ethical responsibilities of business are (continued) Standing behind warranties. Advertising in a factual and informative manner. Encouraging employees to ask questions and voice concerns about the companys business practices. Being responsible for accurately reporting information to management.
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Using Consultants
Hire consultants at the beginning of the project, when your team lacks certain skills or when an unbiased or informed view is needed.
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Common weaknesses
Communication skills Writing skills Immaturity Unrealistic expectations
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