Statistics for Business
February 4th
Questions to be answered in lecture:
How do we use summation notation to express population mean and population variance?
How do we use summation notation to express sample mean and sample variance?
Using Summation N
StatisticsforBusiness
April3rd
Questions to be answered in lecture:
How can we conduct a twosided Hypothesis Test with a 95% Confidence Level for the
population mean when the population variance is known?
How can we conduct a twosided Hypothesis Test wi
StatisticsforBusiness
April10th
Questions to be answered in lecture:
How can we conduct a onesided Hypothesis Test for the population mean when the
population variance is known with a 99% Confidence Level?
How can we conduct a onesided Hypothesis Test f
StatisticsforBusiness
April1st
Questions to be answered in lecture:
What is a Hypothesis Test?
How can we conduct a twosided Hypothesis Test for the population mean when the
population variance is known?
Thus far we have seen how to come up with Confiden
Ex: Let X equal the sum of the rolls of two dice. How would you denote the probability
that the outcome of X is 3?
Answer: P(X=3)
The probability that the outcome of is larger than some number little as .
Ex: Let X equal the sum of the rolls of two dice.
Probability Distribution of a discrete random variable:
*A probability distribution allows us to compute probabilities associated with a random variable.
In the case of a discrete random variable the probability distribution simply specifies the
probabili
Qualitative & Quantitative Variables
Data falls into two categories: (variables can be one of two categories)
o
Quantitative Variable: The responses are numeric and each response can be said
to be smaller or larger than another response.
1. Ex: How many c
Summation Notation:
Used for many different things.
Ex: 56, 70, 73, 85, 12, 33
What is the second observation in the data set? X 2 = 70
o
X1 = 56
o
X2 = 70
o
X3 = 73
o
X4 = 85
o
X5 = 1 2
o
X6 = 33
What do you want to sum?
(SEE NOTES!)
Using summation nota
Sample Space is a list of all the possible outcomes of the experiment.
Ex: (1,1), (2,2), (3,3), (4,4), (5,5), (6,6)
Sample Point is an outcome in the sample space.
Ex: (1,1)
*Different from the sample discussed in statistics.
Note: Some experiments have n
Tuesday, January 21, 2014
Statistics Class 1
Statistics can be broken up into two main branches of statistics:
1. Descriptive statistics: ways to summarize, organize, picturize data. (a way of arranging
data)
2. Inferential statistics: ways to predict, dr
Thursday, February 20, 2014
If we know for a particular discrete Random Variable, then computing things like is very easy:
Remember that the steps for this are:
(1) Identify the experiment ( in this case).
(2) Identify all possible outcomes of the experim
1. FUNCTION FORM OF PROBABILITY DISTRIBUTION
The most common way to describe a probability distribution of a secrete variable is with a
FORMULA.
Example: Let the sum of the rolls of two dice

Top: If x is an integer between and including 2 and 7

P(X=6)
How do we analyze Quantitative data?
The main characteristic of quantitative data or quantitative variable is:
o
That there is a naturally occurring scale on which we can compare responses.
Types of questions: How far away are the responses from each othe
Population Variance:
Using Minitab we need to do this by:
1.
go to calculator
2.
type in variable box: population variance
3.
in expression box: subtract the mean from every observation
a.
Sum(pricemean(price)*2)/Count(price)
4.
Click OK
5.
This gives yo
StatisticsforBusiness
April8th
Questions to be answered in lecture:
How can we conduct a twosided Hypothesis Test for the population mean when the
population variance is known with a 99% Confidence Level?
How can we conduct a twosided Hypothesis Test fo
StatisticsforBusiness
April29th
Questions to be answered in lecture:
How can we conveniently summarize all the Hypothesis Tests and their corresponding
rejection regions that we have studied?
What is the pvalue of a Hypothesis Test?
Population Variance K
Statistics for Business
January 28th
Questions to be answered in lecture:
How can we analyze Qualitative data?
How can we analyze Quantitative data?
What are some important measures of Central Tendency?
What are some important measures of Variation?
A
Statistics for Business
January 23rd
Questions to be answered in lecture:
How can we identify a population and an appropriate sample?
How can we identify the variable (data) of interest?
How can a statistician collect a good sample?
What is the differ
Statistics for Business
January 21st
Questions to be answered in lecture:
What is the syllabus really saying?
What is the point of the course?
What is Statistics? Why is it useful?
What is Minitab?
Syllabus Handout.
Importance of the course:
This cou
Statistics for Business
February 6th
Questions to be answered in lecture:
How do we use Minitab to compute various measures for sample data and population
data?
How do we use Histograms to analyze quantitative data?
Minitab Demo
For most real datasets,
Statistics for Business
February 11th
Questions to be answered in lecture:
What are some basic probability concepts?
What is a random variable?
So far in this course we have studied several measures that are helpful in characterizing
populations and/or
Statistics for Business
February 25th
Questions to be answered in lecture:
How do we find probabilities associated with Continuous RVs?
What is the mean of a Random Variable?
What is the variance of a Random Variable?
What is the standard deviation of
Statistics for Business
February 20th
Questions to be answered in lecture:
How do we find the probability associated with a discrete RV using the probability
distribution of the random variable?
How do we describe the probability distribution of continu
Statistics for Business
February 18th
Questions to be answered in lecture:
What is a Discrete Random Variable?
What is a Continuous Random Variable?
How do we describe the probability distribution of a discrete RV?
What is the probability distribution
Statistics for Business
March 4th
Questions to be answered in lecture:
What are some of the main issues that students are having with statistics?
How do we find the mean, variance and standard deviation of discrete and continuous
RVs?
MIDTERM REVIEW
Rec
Statistics for Business
March 18th
Questions to be answered in lecture:
How do we obtain probabilities of Normal RVs?
Why are Normal RVs so important?
Recall from the previous lecture that
A Normal RV is a continuous RV which has a probability density fun
Statistics for Business
March 20th
Questions to be answered in lecture:
What does the central limit theorem tell us?
What is a Standard Normal RV?
How can we come up with a 95% confidence interval for the population mean when the
population standard devia
March 27th
Statistics for Business
Questions to be answered in lecture:
How can we come up with a 95% confidence interval for the population mean when the
population standard deviation is unknown?
Confidence Intervals (:
In the previous class we discusse
Statistics for Business
March 25th
Questions to be answered in lecture:
How can we come up with a 95% confidence interval for the population mean when the
population standard deviation is known?
How can we come up with a 99% confidence interval for the
HW#2 (Due Sep 17th)
(PLEASE USE BLUE/BLACK PENS ON A BLANK SHEET OF PRINTER PAPER FOR ALL FINAL WORK.)
1) Consider the following dataset, which contains the domestic US gross (in millions) of the top
grossing movie over the last 5 years. Use this dataset