Basic Business Statistics:

Concepts & Applications

Introduction
Chapter 1

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Chapt. 1-1
 Learning Objectives
1. Define Statistics
2. Describe the Uses of Statistics
3. Distinguish Descriptive & Inferential
Statistics
4. Define Population, Sample, Parameter,
& Statistic
5. Explain Enumerative & Analytical Studies
6. Describe the Role of Computers

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Chapt. 1-2
 What Is Statistics?

Data Why?
1. Collecting Data Analysis
e.g. Survey

2. Presenting Data
© 1984-1994 T/Maker Co.

e.g., Charts & Tables Decision

-Making
3. Characterizing Data
e.g., Average

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© 1984-1994 T/Maker Co.
Chapt. 1-3
 Application Areas

Accounting Management
Auditing Describe Employees
Costing Quality Improvement

Finance Marketing
Financial Trends Consumer Preferences
Forecasting Marketing Mix Effects

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Chapt. 1-4
 Statistical Methods

Statistical
Methods

Descriptive Inferential
Statistics Statistics

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Chapt. 1-5
 Descriptive Statistics
$
1. Involves
Collecting Data 50
Presenting Data
25
Characterizing
Data 0
Q1 Q2 Q3 Q4
2. Purpose
Describe Data X = 30.5 S2 = 113

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Chapt. 1-6
 Inferential Statistics

1. Involves Population?
Estimation
Hypothesis
Testing

2. Purpose
Make Decisions
About Population
Characteristics
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Chapt. 1-7
 Key Terms
1. Population (Universe)
• P in
All Items of Interest
Population
2. Sample & Parameter
Portion of Population • S in Sample
3. Parameter & Statistic
Summary Measure about Population
4. Statistic
Summary Measure about Sample

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Chapt. 1-8
 Using Statistics in
Quality Improvement

Management Philosophy

Statistical Behavioral
Methods Tools
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Chapt. 1-9
 Statistical
Computer Packages

1. Typical Software
SAS
SPSS
MINITAB
Excel
Statistica

2. Need Statistical
Understanding
Assumptions
Limitations

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Chapt. 1-10