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CH-1 PPT

# CH-1 PPT - statistical methods to translate data into...

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Welcome to BMGT230 Business Statistics: A First Course Introduction to Statistics

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What is Statistics? Statistics is the science of collecting, organizing, interpreting, and learning from data It is an incredibly useful tool which is ubiquitous in a large variety of fields such as business, engineering, computer science, medicine etc.
Some applications of statistics in real life: Biological & Pharmaceutical industry: The quantitative relationship between drug effect and drug concentration Finance & Economics: volatility of stock price the periodicity of economics financial risk management Politics: Presidential election poll. Election of 1936, Roosevelt vs. Landon Literary Digest magazine went bankrupt soon after its wrong prediction that Landon would win the election. Engineering & computer science: image processing .

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Goals Learn how to use
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Unformatted text preview: statistical methods to translate data into knowledge so that we can investigate questions in an objective manner Do well in class • Read the textbook/notes • Come to class/discussion sections • Practice problem solving • Do the assignments on your own • Ask questions or/and seek assistance • Spend 10 to 15 hours a Statistics consists of two parts: • Descriptive statistics (coping with lots of numbers) 1. Draw a picture (graph, charts etc) 2. Calculate a few numbers which summarize the data (mean, median, percentile) • Inferential statistics How can one make decisions and predictions about a population even if we have data for relatively few subjects from that population? We need to generalize the facts we learn from a sample ( i.e. a part of the population) to the entire population \\\subjectow can one How Ho...
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