MGMT305-Introduction - Management 305 Business Statistics...

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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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