# Stats chp 1 2 - Statistics For Management and Economics Chapter 1 Chapter 2 1"There Are 3 Kinds of Lies Lies Damned Lies and Statistics Mark Twain

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1 Statistics For Management and Economics Chapter 1 Chapter 2

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2 “There Are 3 Kinds of Lies - Lies, Damned Lies and Statistics.” Mark Twain
3 Everyday Statistics Examples Political polls – the candidate has a 55% approval rating plus or minus 3% The labor department stated that unemployment index decreased by 5% The average family in the US has 2.4 children

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4 Introduction Why study statistics? Required - especially for health-related careers, business, science Necessary for decision making Valuable quantitative skill in the job market
5

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6 Statistics a Definition Collection of data Organization of data Analysis of data Interpretation of data Presentation of data - clear, concise and objective
7 Other Definitions - Subjects entities measured - Population complete collection - Census data from every element in population - Sample subcollection - Parameter numerical summary of pop - Statistic numerical summary of sample

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8 Statistics Methods Two different types of methods - Descriptive - summarizing, condensing and organizing Inferential - prediction or estimate characteristics of the whole based on a subset of part of the whole
9 Descriptive Statistics Numerical Mean, median, mode, percentiles, range Graphical Histogram, frequency table, scatter plot

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10 Inductive Reasoning (Inference) Observing a few specific subjects in order to better understand what might happen to a general group of like subjects. Sampling strategies influence the collection of data.
11 Statistical Software The choice is yours. Excel and the TI calculator will be used.

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12 Data Variable Some characteristic of a population or sample. Generally broken down into two types: Quantitative – Data that can easily be given a number (ie.; Height, weight, etc…). Qualitative – Data that cannot be reasonably be assigned a number (ie.; Happiness, grief, ….).
13 Categorical Data Nominal (either or) examples.

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## This note was uploaded on 04/06/2008 for the course STAT STAT 3360 taught by Professor Mcghee during the Spring '08 term at University of Texas at Dallas, Richardson.

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Stats chp 1 2 - Statistics For Management and Economics Chapter 1 Chapter 2 1"There Are 3 Kinds of Lies Lies Damned Lies and Statistics Mark Twain

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