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SUBSTITUTE - INTRODUCTION TO BUSINESS STATISTICS Decision...

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INTRODUCTION TO BUSINESS STATISTICS Decision Sciences DSCI-207
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JCSB COMMON BUSINESS KNOWLEDGE (CBK) COURSE REQUIREMENTS Accounting ACCT 220 ACCT 222 Business BIZ 100 Decision Sciences DSCI 207 DSCI 305 Economics ECON 190 ECON 312 ECON 314 Finance FIN 301 Information Technology Management ITM 200 International Business IB 200 Marketing MKT 300 Management MGT 218 MGT 300 MGT 400 Decision Sciences DSCI 207 Introduction to Business Statistics (“Stats I”) Decision Sciences DSCI 305 Introduction to Management Sciences and Operations Management (“Stats II”) Copyright 2010, Walter A. Garrett, Jr.
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Walt Garrett wgarrett @ slu.edu DS 417 Copyright 2010, Walter A. Garrett, Jr.
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STATISTICS IN BUSINESS DECISIONS 1 2 3 4 5 WAG : rev 1/10
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ELEMENTARY DEFINITIONS Decision Sciences (DS) Data v. Information Statistics Copyright 2010, Walter A. Garrett, Jr.
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DECISION SCIENCES (DS) Def: An applied inter-disciplinary approach to management decision-making. DS incorporates methods and models from general science, engineering, mathematics, statistics, economics, and classical management studies. Our models are used in Marketing, Finance, IT, Economics, Supply Chain, International, and all other business disciplines. Alternative Terms: Scientific Management Operations Research (OR) Management Science (MS) Copyright 2010, Walter A. Garrett, Jr.
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DECISION SCIENCES (DS) CONT’D Def: An applied inter-disciplinary approach to management decision-making, For the purpose of improving the decision-making process , and thereby leading to improved outcomes . Copyright 2010, Walter A. Garrett, Jr.
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DECISION SCIENCES (DS) CONT’D “Keep doing what you have always done, and you will keep getting what you have always gotten.” ~ anon. Copyright 2010, Walter A. Garrett, Jr.
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DECISION SCIENCES (DS) CONT’D BAD DECISIONS Copyright 2010, Walter A. Garrett, Jr.
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DECISION SCIENCES (DS) CONT’D Def: An applied inter-disciplinary approach to management decision-making, For the purpose of improving the decision-making process , and thereby leading to improved outcomes . The study and practice of Decision Sciences provides the tools necessary for making better decisions and improving business outcomes . One of those tools is Statistics Statistics underlies many other courses to follow. Copyright 2010, Walter A. Garrett, Jr.
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ELEMENTARY DEFINITIONS Decision Sciences (DS) Data v. Information Statistics Copyright 2010, Walter A. Garrett, Jr.
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DATA Def: Numbers, facts, charts, pictures, etc. which describe a thing or situation. i.e. “raw data” Problem: Data means different things to different people, depending upon one’s background, biases, and point of view. Because the meaning of data is subject to interpretation, data may not be useful for business decisions. Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES 19 Age Birthday House Number Number of Cousins Number of Pets Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES “Blue” Favorite Color Dog’s Name Grandmother’s Hair Color Today’s Mood Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES Company Sales My GPA Global Warming Body Temperature Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES 435467829 Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES 435 46 7829 Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES 43 5467829 Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES 4354678294 Copyright 2010, Walter A. Garrett, Jr.
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DATA EXAMPLES 435 467 8294 Copyright 2010, Walter A. Garrett, Jr.
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