Lecture 1 (Chpt 1 & 2).pptx - FIN6003 Business Modelling and Analysis Introduction to Statistics and Graphical Presentations 1 CRICOS 00111D TOID

Lecture 1 (Chpt 1 & 2).pptx - FIN6003 Business...

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CRICOS 00111D, TOID 3059 1 FIN6003 Business Modelling and Analysis Introduction to Statistics and Graphical Presentations
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Chapter 1 The Where, Why, and How of Data Collection 2
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Chapter 1 - Chapter Outcomes After studying the material in this chapter, you should: Know the difference between a population and a sample. Understand the similarities and differences between different sampling methods. Understand how to categorize data by type and level of measurement. Explain the difference between descriptive and inferential statistics 3
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What is Statistics? ‘Statistics is concerned with methods for collecting, organising, summarising, presenting and analysing data, as well as drawing valid conclusions and making reasonable decisions on the basis of this analysis’. (T. J. Hannagan, Mastering Statistics, 1982) 4
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The Aim of Statistics ‘The ultimate aim of a statistical study is to provide a rational basis for action! A problem exists and something is to be done about it!’ (Dr W. E. Deming, Some Theory of Sampling, 1950) 5
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Business statistics Business statistics consists of a set of tools and techniques that are used to convert data into meaningful information for a business environment. These tools fall into two main types Descriptive statistics used to Describe Data in a way that is simple to understand Inferential Statistics aid Decision Making by using samples to draw conclusions about an entire population. 6
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Descriptive Statistics Descriptive statistics consists of the tools and techniques designed to describe data , such as charts, graphs, and numerical measures Examples Graphs such as: Histograms Bar charts Summary Statistics such as: Average or Arithmetic Mean Range 7
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Descriptive Statistics 8 Baker City Hospital: Geriatric Patient Data Part of a larger spreadsheet that has data for 138 patients Typical questions: How long do patients stay in hospital? What percentage of patients are Male Length of Stay Age (Years) Sex (M/F/U) Total Charges 3 78 F 5.419 3 74 F 4.575 11 89 M 12.031 3 81 M 3.618 9 87 F 12.807 3 65 M 5.296 3 90 M 3.453 3 61 M 1.760 3 90 F 3.290 5 78 M 6.254 3 78 F 3.896 2 71 M 1.795 3 76 M 9.265 3 76 F 3.283
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Descriptive Statistics Histogram 9 Length of Stay No of Patients
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Descriptive Statistics Bar Chart 10
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Populations and Samples A Population is the set of all items or individuals of interest Examples: All likely voters in the next election All parts produced today All sales receipts for November A Sample is a subset of the population Examples: 1000 voters selected at random for interview A few parts selected for destructive testing Every 100 th receipt selected for audit 11
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Populations vs. Samples 12 Populatio n Sample
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Populations and Samples A population is the entire collection of things under consideration A parameter is a summary measure computed to describe a characteristic of the population A sample is a portion of the population selected for analysis A statistic is a summary measure computed to describe a characteristic of the sample 13
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Problems Do Problems 1-27 14
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Why Sample?
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