Statistics for Business and Economics Meir Waknine
Learning Objectives
Define Statistics Describe the Uses of Statistics Distinguish Descriptive & Inferential Statistics Define Population, Sample, Parameter, and Statistic 5. Define Quantitative and Qualitative Data 6. Define Random Sample
1. 2. 3. 4.
What Is Statistics? 1. Collecting Data e.g., Survey
Data Analysis
Why?
2. Presenting Data e.g., Charts & Tables
© 1984-1994 T/Maker Co.
DecisionMaking
3. Characterizing Data e.g., Average
© 1984-1994 T/Maker Co.
Application Areas • Economics
• Engineering
– Forecasting – Demographics
• Sports
• Business
– Individual & Team Performance
– Construction – Materials
– Consumer Preferences – Financial Trends
Statistical Methods Statistical Methods
Descriptive
Inferential
Statistics
Statistics
Descriptive Statistics 1. Involves • Collecting Data • Presenting Data • Characterizing Data
2. Purpose • Describe Data
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$
25 0 Q1
Q2
Q3
Q4
X = 30.5 S2 = 113
Inferential Statistics 1. Involves • Estimation • Hypothesis Testing
2. Purpose
• Make decisions about population characteristics
Population?
Key Terms 1. Population (Universe) • All items of interest
• P in Population & Parameter
2. Sample
• S in Sample & Statistic
• Portion of population
3. Parameter • Summary measure about population
4. Statistic
• Summary measure about sample
Types of Data Types of Data
Quantitative Data
Qualitative Data
Quantitative Data
Measured on a numeric scale. • Number of defective items in a lot. • Salaries of CEO's of oil companies. • Ages of employees at a company.
4
943 21
12 8
120 71
52
3
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).
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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
Thank You