# lct00 - the key to understand the random variation. z...

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1 Introduction to Business Statistics Lecture 0 Setting the Stage 1. What is statistics? It is the science of collecting , organising , and interpreting data, where one finds variability in all data sets. 2. Why do you need to learn statistics? The difference between thinking about a problem from a statistical perspective as opposed to any other viewpoint is that statistics explicitly incorporates variability.

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2 3. Why does a manager need to know about Statistics? z To know how to properly present and describe numerical information z draw conclusion about large population based on information obtained from a sample z obtain forecasts of good quality z improve processes 4. Content: z Measure variability: Ch. 1- 3 Arrange the data to convey meaning and use graphical display and numerical summary to capture the important features of the data
3 z Sources of variation: Ch. 4 – 6 Data subject to systematic and random variation and probability is

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Unformatted text preview: the key to understand the random variation. z Variation in an average: Ch. 7 Using sampling distribution to explain that standard errors measure the variation in an average. z Making decisions under random variation: Ch. 8 –10 Two statistical inference methods, estimation (Ch. 8), hypothesis Testing (Ch. 9 and 10) for decision-making under uncertainty. • Forecasting under random variation: Ch. 13, 14 Introduce regression models for forecasting 4 5. Tips for a great learning experience in this course: a. Learn statistical thinking and reasoning. • This is not a mathematics course. • Understanding the statistical ideas/concepts behind each formula. • Interpreting the results of statistical procedures is more important than calculating them. b. Learn to appreciate what each statistical method and procedure can do for you. c. Don't replace common sense by formulae. 1 26...
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## This note was uploaded on 11/23/2010 for the course BBA ISOM111 taught by Professor Hu during the Fall '08 term at HKUST.

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lct00 - the key to understand the random variation. z...

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