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Anderson Sweeney

Williams

CONTEMPORAR
Y
BUSINESS
STATISTICS

WITH MICROSOFT EXCEL


Slides Prepared by JOHN LOUCKS

2001 South-Western /Thomson Learning

Chapter 1
Data and Statistics

Applications in Business
and Economics
Data
Data Sources
Descriptive Statistics
Statistical Inference
Statistical Analysis
using Microsoft Excel

Applications in
Business and Economics

Accounting
Public accounting firms use statistical sampling
procedures when conducting audits for their
clients.
Finance
Financial advisors use a variety of statistical
information, including price-earnings ratios and
dividend yields, to guide their investment
recommendations.
Marketing
Electronic point-of-sale scanners at retail checkout
counters are being used to collect data for a
variety of marketing research applications.
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Applications
in Business and Economics

Production
A variety of statistical quality control charts
are used to monitor the output of a production
process.
Economics
Economists use statistical information in
making forecasts about the future of the
economy or some aspect of it.

Data

Elements, Variables, and Observations


Qualitative and Quantitative Data
Cross-Sectional and Time Series Data

Data and Data Sets

Data are the facts and figures that are


collected, summarized, analyzed, and
interpreted.
The data collected in a particular study are
referred to as the data set.

Elements, Variables, and Observations

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.
The total number of data values in a data set
is the number of elements multiplied by the
number of variables.

Data, Data Sets,


Elements, Variables, and Observations
Variable
s

Earn/
Company

Observatio
n

Stock
Exchange

Annual
Sales($M) Sh.($)

Dataram
AMEX 73.10 0.86
EnergySouth
OTC
74.00 1.67
Keystone
NYSE
365.70
0.86
LandCare
NYSE
111.40
0.33
Psychemedics AMEX 17.60 0.13
Element
s

Data Set

Datum
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Qualitative and Quantitative Data

The statistical analysis that is appropriate


depends on whether the data for the variable
are qualitative or quantitative.
Qualitative data are labels or names used to
identify an attribute of each element.
Quantitative data indicate either how much or
how many.
Quantitative data are always numeric.
Qualitative data can be either numeric or
nonnumeric.
Ordinary arithmetic operations are meaningful
only with quantitative data.

Cross-Sectional and Time Series Data

Cross-sectional data are collected at the same


or approximately the same point in time.
Example: data detailing the number of
building permits issued in June 2000 in each
of the counties of Texas
Time series data are collected over several
time periods.
Example: data detailing the number of
building permits issued in Travis County,
Texas in each of the last 36 months

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Data Sources

Existing Sources
Data needed for a particular application might
already exist within a firm. Detailed
information is often kept on customers,
suppliers, and employees for example.
Substantial amounts of business and economic
data are available from organizations that
specialize in collecting and maintaining data .
Government agencies are another important
source of data.
Data are also available from a variety of
industry associations and special-interest
organizations.
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Data Sources

Internet
The Internet has become an important
source of data.
Most government agencies, like the Bureau
of the Census (www.census.gov), make their
data available through a web site.
More and more companies are creating web
sites and providing public access to them.
A number of companies now specialize in
making information available over the
Internet.

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Data Sources

Statistical Studies
Statistical studies can be classified as either
experimental or observational.
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 (nonexperimental) studies no
attempt is made to control or influence the
variables of interest.
A survey is perhaps the most common type of
observational study.

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Data Acquisition Considerations

Time Requirement
Searching for information can be time
consuming.
Information might no longer be useful by the
time it is available.
Cost of Acquisition
Organizations often charge for information even
when it is not their primary business activity.
Data Errors
Using any data that happens to be available or
that were acquired with little care can lead to
poor and misleading information.

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Descriptive Statistics

Descriptive statistics are the tabular,


graphical, and numerical methods used to
summarize data.

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Example: Hudson Auto Repair


The manager of Hudson Auto would like to
have
a better understanding of the cost of parts used
in the
engine tune-ups performed in the shop. She
examines
91 78 93
57 75
52 99 80
62 of
50 customer
invoices
for tune-ups.
The97
costs
71 69 72 89 66 75 79 75 72 76
parts,
104 74
62 nearest
68 97dollar,
105 are
77 listed
65 80
109
rounded
to the
below.
85 97 88 68 83 68 71 69 67 74
62 82 98 101 79 105 79 69 62 73

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Example: Hudson Auto Repair

Tabular Summary (Frequencies and Percent


Frequencies
Parts
Percent
Cost ($)
Frequency
Frequency
50-59
2
4
60-69
13
26
70-79
16
32
80-89
7
14
90-99
7
14
100-109
5
10
Total
50
100

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Example: Hudson Auto Repair


Graphical Summary (Histogram)
18
16
Frequency

14
12
10
8
6
4
2
50

60

70

80

90

Parts
100 Cost
110($)
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Example: Hudson Auto Repair

Numerical Descriptive Statistics


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

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Statistical Inference

Statistical inference is the process of using


data obtained from a small group of elements
(the sample) to make estimates and test
hypotheses about the characteristics of a
larger group of elements (the population).

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Example: Hudson Auto Repair

Process of Statistical Inference


1. Population
consists of all
tune-ups. Average
cost of parts is
unknown.
unknown

2. A sample of 50
engine tune-ups
is examined.

4. The value of the


sample average is used
to make an estimate of
the population average.

3. The sample data


provide a sample
average cost of
$79 per tune-up.
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Using Excel for Statistical Analysis

Statistical analysis typically involves working


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

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Using Excel for Statistical Analysis

In using Excel for statistical analysis, 3 tasks


might be needed.
Enter Data
Enter Functions and Formulas
Apply Tools

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Using Excel for Statistical Analysis

Data Set
A
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

B
Invoice #
20994
21003
21010
21094
21116
21155
21172
21198

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

Note: Rows 10-51 are not shown.


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Using Excel for Statistical Analysis

Formula Worksheet

1
2
3
4
5
6
7
8
9

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

Average Parts Cost =AVERAGE(C2:C51)

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

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Using Excel for Statistical Analysis

Value Worksheet

1
2
3
4
5
6
7
8
9

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

Average Parts Cost

79

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

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End of Chapter 1

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