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Notes - Chapter 01

# Notes - Chapter 01 - MGMT 2340 Section W01 Business...

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MGMT 2340 Section W01 Business Statistics I Instructor: E. Mark Leany contact via Blackboard online.uen.org alternately: [email protected] Statistics YOU Might Use z Whose opinion to listen to about seeing a movie z Raises in your Salary after you graduate z Sports -- Example: Babe Ruth's Career Batting Average is .342

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\$0 \$50,000 \$100,000 \$150,000 \$200,000 \$250,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Your Salary After You Graduate Statistics that Might Affect you z Advertising Promotions z Clinical Trials z The Weather Forecast
Statistics that Might Affect you (more) z Life Insurance z Stock Market and other Financial Projections z Automobile Insurance What is Statistics? Chapter 1 1

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GOALS - Chapter 1 1. Understand why we study statistics. 2. Explain what is meant by descriptive statistics and inferential statistics . 3. Differentiate between a sample and a population 4. Distinguish between a qualitative variable and a quantitative variable . 5. Describe how a discrete variable is different from a continuous variable . 6. Distinguish among the nominal , ordinal , interval , and ratio levels of measurement. 1 Why Study Statistics? 1. Numerical information is everywhere 2. Statistical techniques are used to make decisions that affect our daily lives 3. The knowledge of statistical methods will help you understand how decisions are made and give you a better understanding of how they affect you. No matter what line of work you select, you will find yourself faced with decisions where an understanding of data analysis is helpful. 2
What is Meant by Statistics? z In the more common usage, statistics refers to numerical information Examples: the average starting salary of college graduates, the number of deaths due to alcoholism last year, the change in the Dow Jones Industrial Average from yesterday to today, and the number of home runs hit by the Chicago Cubs during the 2007 season. z We often present statistical information in a graphical form for capturing reader attention and to portray a large amount of information. 4 Formal Definition of Statistics Some examples of the need for data collection. 1. Research analysts for Merrill Lynch evaluate many facets of a particular stock before making a “buy” or “sell” recommendation. 2. The marketing department at Colgate-Palmolive Co., a manufacturer of soap products, has the responsibility of making recommendations regarding the potential profitability of a newly developed group of face soaps having fruit smells.

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