You are probably asking yourself the question, "When and where will I use statistics?" If you continue browsing the site, you agree to the use of cookies on this website. Now customize the name of a clipboard to store your clips. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. We recommend using a The OpenStax name, OpenStax logo, OpenStax book With this information, you may make a decision about the correctness of a statement, claim, or "fact." If you read any newspaper, watch television, or use the Internet, you will see statistical information. OpenStax is part of Rice University, which is a 501(c)(3) nonprofit. Since you will undoubtedly be given statistical information at some point in your life, you need to know some techniques for analyzing the information thoughtfully. then you must include on every digital page view the following attribution: Use the information below to generate a citation. Textbook content produced by OpenStax is licensed under a © 1999-2020, Rice University. Included in this chapter are the basic ideas and words of probability and statistics. See our Privacy Policy and User Agreement for details. Helps in business planning on the basis of sound predictions and assumptions 2.1 Descriptive Statistics: Introduction ... business, psychology, education, biology, law, computer science, police science, and early childhood development require at least one course in statistics. Classification and Tabulation of Data 16-20 4. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Inferential statistics involves methods of using information from a sample to drawconclusions about the population.Steps in Statistical … The purpose of this topic is to: • appreciate why managers need to understand basic statistical methods • understand the inherent difficulties in collecting data • distinguish between ‘good’ and ‘bad’ datasets • Business Statistics Final Exam Solutions December 17, 2008 3 12. Want to cite, share, or modify this book? You will soon understand that statistics and probability work together. If you wish to opt out, please close your SlideShare account. (a) True (b) False 13. Except where otherwise noted, textbooks on this site Correlation 48-53 9. Topic 1: Introduction to Business Statistics Objectives . Name of Topic Page No. Included in this chapter are the basic ideas and words of probability and statistics. not be reproduced without the prior and express written consent of Rice University. Business Statistics . Business Statistics 5 Content S.No. MBA Super Notes: Statistics: Introduction to Statistics, Research paper powerpoint presentation for public viewing, No public clipboards found for this slide. Collection and Editing of Data 10-15 3. The statistics can be broken down to a very detailed sectoral level (i.e. Introduction to Business Statistics 1. BUSINESS STATISTICS - WHAT AND WHY?Definition of Statistics-Statistics is the study of how to collect, organize, analyze, and interpret numerical informationfrom data.Types of StatisticsDescriptive statistics involves methods of organizing, picturing and summarizing informationfrom data. BUSINESS STATISTICS - WHAT AND WHY?Definition of Statistics-Statistics is the study of how to collect, organize, analyze, and interpret numerical informationfrom data.Types of StatisticsDescriptive statistics involves methods of organizing, picturing and summarizing informationfrom data. Engage your students with data in this vibrant online community. are licensed under a, Definitions of Statistics, Probability, and Key Terms, Data, Sampling, and Variation in Data and Sampling, Sigma Notation and Calculating the Arithmetic Mean, Independent and Mutually Exclusive Events, Properties of Continuous Probability Density Functions, Estimating the Binomial with the Normal Distribution, The Central Limit Theorem for Sample Means, The Central Limit Theorem for Proportions, A Confidence Interval for a Population Standard Deviation, Known or Large Sample Size, A Confidence Interval for a Population Standard Deviation Unknown, Small Sample Case, A Confidence Interval for A Population Proportion, Calculating the Sample Size n: Continuous and Binary Random Variables, Outcomes and the Type I and Type II Errors, Distribution Needed for Hypothesis Testing, Comparing Two Independent Population Means, Cohen's Standards for Small, Medium, and Large Effect Sizes, Test for Differences in Means: Assuming Equal Population Variances, Comparing Two Independent Population Proportions, Two Population Means with Known Standard Deviations, Testing the Significance of the Correlation Coefficient, Interpretation of Regression Coefficients: Elasticity and Logarithmic Transformation, How to Use Microsoft Excel® for Regression Analysis, Mathematical Phrases, Symbols, and Formulas, We encounter statistics in our daily lives more often than we probably realize and from many different sources, like the news. See our User Agreement and Privacy Policy. Learn more. Measures of Central Tendency 21-27 5. 1. Introduction of Statistics 6- 9 2. Clipping is a handy way to collect important slides you want to go back to later. AN INTRODUCTION TO BUSINESS STATISTICS . You will also learn how data are gathered and what "good" data can be distinguished from "bad.". Included in this chapter are the basic ideas and words of probability and statistics. Inferential statistics involves methods of using information from a sample to drawconclusions about the population.Steps in Statistical Investigation-Five stages of statistical investigation Collection of Data ↓ Organization of data ↓ Presentation of data ↓ Analysis ↓ Interpretation of Resultsa) Collection of Data A structure of statistical investigation is based on a systematic collection of data. 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