Unformatted text preview: Management 305: Business Statistics Introduction
s s Why Statistics? Business Applications Slide 1 Why Statistics?
What is Statistics? Statistics is the science of collecting, organizing, analyzing, and interpreting data.
s Goal of Statistics: Gain information from data to make better decisions.
s Applications: Everywhere from grocery store to hightech car or computer business. Finance, marketing, production, accounting, economics, etc.
s s What we will learn: Various statistical tools/techniques to analyze and interpret data. Slide 2 Business Applications
s s s Finance Financial advisors use priceearnings ratios and dividend yields for investment recommendations. Marketing Electronic pointofsale scanners’ data are used in marketing research. Accounting Public accounting firms use statistical sampling procedures when conducting audits for their clients. Slide 3 Business Applications
s s Production Statistical quality control charts are used to monitor production outputs. Economics Economists use statistics to forecast future economy. Slide 4 ...
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