Ch_1_Introduction F09

# Ch_1_Introduction F09 - Chapter One An Introduction to...

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Dr. Constance Lightner- Fayetteville State Univ 1 Chapter One: An Introduction to Business Statistics Statistics Applications in Business and Economics Basic Vocabulary Terms Populations and Samples

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Dr. Constance Lightner- Fayetteville State Univ 2 Applications in Business and Economics Accounting Public accounting firms use statistical sampling procedures when conducting audits for their clients. Finance Financial analysts use a variety of statistical information, including price- earnings ratios and dividend yields, to guide their investment recommendations. Marketing Electronic point-of-sale scanners at retail checkout counters are being used to collect data for a variety of marketing research applications. F r o m A n d
Dr. Constance Lightner- Fayetteville State Univ 3 Production A variety of statistical quality control charts are used to monitor the output of a production process. Economics Economists use statistical information in making forecasts about the future of the economy or some aspect of it. F r o m A n d

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Dr. Constance Lightner- Fayetteville State Univ 4 Basic Vocabulary Terms Statistics is the art and science of collecting, analyzing, presenting and interpreting data Data are the facts and figures that are collected, summarized, analyzed, and interpreted. Data can be further classified as being qualitative or quantitative.
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