OIS 2340Business StatisticsBen Helland, MBA Fall 2018
hello!I am Ben HellandContact info:[email protected]801-347-1371Office Hours by Appointment and 45min before each class session
ExposuresWhy Everyone Should Take a Stats ClassStats as a lingual endeavor
Statistics – Who Cares?Your first step into a larger world…
When statistics go rightFrom the Book-[Large firms] have made it possible for individuals to store vast amounts of data on desktop computers. But without some way to transform the data into useful information, the data these companies have gathered are of little value. Transforming data into informationis where business statistics comes in.
The Road Map□Are we there yet?Definitions"Middle"VariationProbabilityStandardiz-ationInferenceHypothesis Testing
Some basicsDescriptive Stats-Descriptive statistics is the term given to the analysis of data that helps describe, show or summarize data in a meaningful way such that, for example, patterns might emerge from the data. Descriptive statistics do not, however, allow us to make conclusions beyond the data we have analysed or reach conclusions regarding any hypotheses we might have made. They are simply a way to describe our data.Inferential Stats-Inferential statistics use a random sample of data taken from a population to describe and make inferences about the population. Inferential statistics are valuable when it is not convenient or possible to examine each member of an entire population.From -
Some basicsPopulations and Parameters-The “frame” that includes allthe object, individuals or items of interest that you wish to study. Measures derived from populations are parametersSamples and Statistics-Eachobject, individual or item of interest that you wish to study. Drawing a number from the population represents a sample. Measures derived from samples are statistics.
Some basicsSome Sampling Techniques•Non Statistical•Convenience sampling:“drawn from the part of population that is close at hand”•Judgment sampling•Statistical•Simple random sampling:“most common, each sample item has equal chance of being selected"•Stratified random sampling:“subgroups (stratas) are created, each sample item within a strata has equal chance of being selected”•Systematic random sampling:“every kth item is chosen, k= population/desired sample size”•Cluster sampling:“population is divided into groups meant to be mini-populations, sample items are selected from cluster using any technique”
Some basicsSome Sampling Techniques•Non Statistical•Convenience sampling:“drawn from the part of