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01B Introduction

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21 views16 pages

01B Introduction

Uploaded by

Jay Punayan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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INTRODUCTION

Prepared and Edited by:


Dr. MARVIN M. CRUZ
Learning Objectives

In this topic you will learn:


◼ How businesses use statistics
◼ The basic vocabulary of statistics
◼ The types of data used in research
Why Learn Statistics?

Make better sense of the world Make better decisions

◼ Internet articles / reports ◼ Memos


◼ Magazine articles ◼ Researches
◼ Newspaper articles ◼ Technical journals
◼ Television & radio reports ◼ Technical reports
Statistics Has Many Important Uses
in Business and in Research

◼ To summarize research data


◼ To draw conclusions from analyzing research
data
◼ To explain or predict future conditions
◼ To improve processes
Two Different Branches of Statistics

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

Descriptive Statistics Inferential Statistics

Collecting, summarizing, Using data collected from a


presenting and analyzing small group to draw
data conclusions about a larger
group
These Two Branches Are Used in the
Important Activities
◼ To summarize research data
◼ Descriptive methods used to create charts & tables

◼ To draw conclusions from analyzing research data


◼ Inferential methods used to reach conclusions about a large

group based on data from a smaller group


◼ To make reliable forecasts about future conditions
◼ Inferential methods used to develop, quantify, and improve

the accuracy of predictive models


◼ To improve processes
◼ Involves approaches that focus on total quality
Basic Vocabulary of Statistics

VARIABLES
Variables are characteristics of an item or individual and are what
you analyze when you use a statistical method.
DATA
Data are the different values associated with a variable.
OPERATIONAL DEFINITIONS
Data values are meaningless unless their variables have
operational definitions, universally accepted meanings that are
clear to all associated with an analysis.
Basic Vocabulary of Statistics
POPULATION
A population consists of all the items or individuals about which you
want to draw a conclusion. The population is the “large group.”
SAMPLE
A sample is the portion of a population selected for analysis. The
sample is the “small group.”
PARAMETER
A parameter is a numerical measure that describes a characteristic of a
population.
STATISTIC
A statistic is a numerical measure that describes a characteristic of a
sample.
Types of Variables

▪ Categorical (qualitative) variables have values that can only be


placed into categories, such as “yes” and “no.”
▪ Numerical (quantitative) variables have values that represent
quantities.
▪ Discrete variables arise from a counting process

▪ Continuous variables arise from a measuring process


Types of Variables

Variables

Categorical Numerical

Examples:
◼ Marital Status
◼ Political Party Discrete Continuous
◼ Eye Color
(Defined categories) Examples: Examples:
◼ Number of Children ◼ Weight
◼ Defects per hour ◼ Distance
(Counted items) (Measured characteristics)
Levels of Measurement

A nominal scale classifies data into distinct


categories in which no ranking is implied.

Categorical Variables Categories

Personal Computer Yes / No


Ownership

Type of Stocks Owned Growth / Value / Other

Internet Provider PLDT / GLOBE / Other


Levels of Measurement

An ordinal scale classifies data into distinct


categories in which ranking is implied

Categorical Variable Ordered Categories

Freshman, Sophomore, Junior,


Student class designation
Senior

Product satisfaction Satisfied, Neutral, Unsatisfied

Professor, Associate Professor,


Faculty rank
Assistant Professor, Instructor
AAA, AA, A, BBB, BB, B, CCC, CC,
Standard & Poor’s bond ratings
C, DDD, DD, D

Student Grades A, B, C, D, F
Levels of Measurement

▪ An interval scale is an ordered scale in which the difference


between measurements is a meaningful quantity but the
measurements do not have a true zero point.
▪ A ratio scale is an ordered scale in which the difference
between the measurements is a meaningful quantity and the
measurements have a true zero point.
Interval and Ratio Scales
Reference

BASIC BUSINESS STATISTICS: CONCEPTS AND


APPLICATIONS, 12th Edition
by Mark Berenson, David Levin, and Timothy
Krehbiel
Prentice Hall (Pearson)
END

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