Introduction and Data Collection

Basic Business Statistics
11th Edition
Chapter 1
Introduction and Data Collection

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc.

Chap 1-1

Learning Objectives
In this chapter you learn:
  

How Statistics is used in business
The sources of data used in business The types of data used in business




The basics of Microsoft Excel The basics of Minitab

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-2

Why Learn Statistics?
So you are able to make better sense of the ubiquitous use of numbers:  Business memos  Business research  Technical reports  Technical journals  Newspaper articles  Magazine articles

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-3

What is statistics?


A branch of mathematics taking and transforming numbers into useful information for decision makers



Methods for processing & analyzing numbers
Methods for helping reduce the uncertainty inherent in decision making



Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-4

Why Study Statistics?
Decision Makers Use Statistics To:
 




Present and describe business data and information properly Draw conclusions about large groups of individuals or items, using information collected from subsets of the individuals or items. Make reliable forecasts about a business activity Improve business processes

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-5

Types of Statistics



Statistics

The branch of mathematics that transforms data into useful information for decision makers.

Descriptive Statistics
Collecting, summarizing, and describing data

Inferential Statistics
Drawing conclusions and/or making decisions concerning a population based only on sample data

Basic Business Statistics, 11e © 2009 Prentice-Hall, Inc..

Chap 1-6

Descriptive Statistics


Collect data


e.g., Survey



Present data