Lecture 1 - ECMT1010:Businessand EconomicStatistics...

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ECMT 1010: Business and  Economic Statistics Semester 1, 2009 Lecture 1
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Statistics in business What techniques might Fosters Brewing use to analyse the effectiveness of this ad? * Requires broadband internet connection
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Learning Objectives Define statistics Become aware of a wide range of applications of  statistics in business Differentiate between descriptive and inferential  statistics Classify numbers by level of data and understand  why doing so is important Appreciate the appropriate use of computers in  statistical analysis
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Statistics in Business  - Applications Accounting — auditing and cost estimation Economics — regional, national, and international economic  performance  Finance — investments and portfolio management Management — human resources, compensation, and quality  management Management Information Systems — performance of systems  which gather, summarise, and disseminate information to various  managerial levels Marketing — market analysis and consumer research International Business — market and demographic analysis
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Statistics in Business  - International Marketing Issue – how profitable is the rural market in India?  A potential market of over 750000 individuals. However, analysis of statistics shows that per capita  is relatively low. Therefore, to be successful business  must focus on affordability. Eg. Coca-cola, Nestlé  (Descriptive Statistics - Chapter 03)
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Statistics in Business  - Services Marketing Issue – how to address decline in growth in tourism  in Australia?  We must gather data.  Conduct a survey of tourists in Australia, tourists in  other countries, and travel agents. Alternatively, use  data already gathered by government or tourist  operators (Sampling – Chapter 07)
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Statistics in Business  - Investment Issue - how do we explain or predict future business 
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This note was uploaded on 08/22/2011 for the course FINC 2011 taught by Professor Craigmellare during the Three '10 term at University of Sydney.

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Lecture 1 - ECMT1010:Businessand EconomicStatistics...

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