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Statistics for Business and

Economics

Chapter 1
Statistics, Data, &
Statistical Thinking
Learning Objectives
1. Define Statistics
2. Describe the Uses of Statistics
3. Distinguish Descriptive & Inferential Statistics
4. Define Population, Sample, Parameter, and
Statistic
5. Define Quantitative and Qualitative Data
6. Define Random Sample
What Is Statistics?

1. Collecting Data Data Why?


e.g., Survey Analysis
2. Presenting Data
1984-1994 T/Maker Co.
e.g., Charts & Tables
Decision-
3. Characterizing Data Making
e.g., Average

1984-1994 T/Maker Co.


Application Areas

Economics Engineering
Forecasting Construction
Demographics Materials

Sports Business
Individual & Team Consumer Preferences
Performance Financial Trends
Statistical Methods
Statistical
Methods

Descriptive Inferential
Statistics Statistics
Descriptive Statistics
1. Involves
Collecting Data $
50
Presenting Data
Characterizing Data 25

2. Purpose 0
Describe Data Q1 Q2 Q3 Q4

X = 30.5 S2 = 113
Inferential Statistics
1. Involves
Estimation Population?
Hypothesis
Testing

2. Purpose
Make decisions about
population characteristics
Key Terms
1. Population (Universe)
All items of interest P in Population
& Parameter
2. Sample S in Sample
Portion of population & Statistic

3. Parameter
Summary measure about population
4. Statistic
Summary measure about sample
Types of Data
Types of
Data

Quantitative Qualitative
Data Data
Quantitative Data
Measured on a numeric 4
scale. 943
Number of defective
21 52
items in a lot.
Salaries of CEO's of 120 12
oil companies. 8
Ages of employees at 71 3
a company.
Qualitative Data
Classified into categories.
College major of each
student in a class.
Gender of each employee
at a company.
Method of payment
(cash, check, credit card).
$ Credit
Random Sample
Every sample of size n has an equal chance of
selection.
Statistical
Computer Packages
1. Typical Software
SAS
SPSS
MINITAB
Excel

2. Need Statistical
Understanding
Assumptions
Limitations
Conclusion
1. Defined Statistics
2. Described the Uses of Statistics
3. Distinguished Descriptive & Inferential
Statistics
4. Defined Population, Sample, Parameter,
and Statistic
5. Defined Quantitative and Qualitative Data
6. Defined Random Sample