3 Sampling and Statistics

3 Sampling and Statistics - Dr. Harvey A. Singer School of...

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© 2006 by Harvey A. Singer 1 OM 210:  Statistical Analysis for  Management Sampling and Statistics Dr. Harvey A. Singer School of Management George Mason University
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© 2006 by Harvey A. Singer 2 Topics List Define basic terms. The problem. Approach and objective. Sampling. Issues in sampling. Strategy of statistics.
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© 2006 by Harvey A. Singer 3 Purpose Managers need an understanding of statistics for the following four reasons: To know how to properly present and describe data. To know how to draw conclusions about large populations based only on information obtained from samples. To know how to improve processes based upon process data. To know how to obtain reliable forecasts about future demand and/or performance.
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© 2006 by Harvey A. Singer 4 Key Terms Population (or universe) = the entirety or totality of the items of interest. “Everybody” or “everything.” “Population” could refer to a process. Including the past, present, and yet-to-occur future. Parameter = summary measure of the population. Sample = portion or subset of population. Statistic = summary measure of the sample.
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© 2006 by Harvey A. Singer 5 The Problem Characterize and represent the population of interest. But … The population may be too big to conduct a full audit or census. It would take too much effort, time, or money, or all three, to survey everybody or everything in the population. The population may not be known yet. An ongoing process whose future performance is to be predicted now. The population is too complex to model from basic principles.
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6 The Approach Need a shortcut method. Don’t directly characterize the population. Don’t even try to query everybody or everything in the population. Sampling and statistics is that shortcut. Statistics is the science of collecting, processing, analyzing. Interpreting, and presenting any kind of data. The methods and models to turn data into information.
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3 Sampling and Statistics - Dr. Harvey A. Singer School of...

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