BUSI410_OCT13

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BUSI 410 Business Analytical Applications Tuesday, October 13, 2009

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The Statistical Process The Population The individuals have at least one attribute, e.g., age, which varies over them. Hence,this attribute has a probability distribution Parameters Expected value (mean) Standard deviation Probability Direct analysis The Sample The value of age varies over the individuals in the sample, but can be measured. This collec- tion of measurements is called the sample. Statistics Sample average Sample standard deviation Sample proportion A three-step, roundabout process to obtain information about the population using partial information from a sample. Select a representative small group 1 Calculate summaries 2 Inference from statistics to parameters 3
The Statistical Process The Population The individuals have at least one attribute, e.g., age, which varies over them. Hence,this attribute has a probability distribution Parameters Expected value (mean) Standard deviation Probability Direct analysis The Sample The value of age varies over the individuals in the sample, but can be measured. This collec- tion of measurements is called the sample. Statistics Sample average Sample standard deviation Sample proportion Select a representative small group 1 Calculate summaries 2 Inference from statistics to parameters 3 T h e S t a i s c l P r o A three-step, roundabout process to obtain information about the population using partial information from a sample.

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Infer population characteristics from sample characteristics

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The Population Parameters Direct analysis The Sample Statistics A three-step, roundabout process to obtain information about the population Select a representative small group 1 Calculate summaries 2 Inference from statistics to parameters 3 The Stat. Process – how does Stat. Inference fit in?
Test hypothesized average level of a characteristic or estimate the average Business Statistics for Competitive Advantage with Excel 2007

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Sample means are Normal
Sample means centered at the population mean μ μ

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Dispersion of sample means, s X, depends on population dispersion, σ, and sample size μ s X _ _ / X s N σ =
We don’t know the population standard deviation, σ, so

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With s , sample means are distributed as student t Normal Student t
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