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    Business Statistics I Essentials
    Business Statistics I Essentials
    Business Statistics I Essentials
    Ebook130 pages1 hour

    Business Statistics I Essentials

    By Louise Clark

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    About this ebook

    REA’s Essentials provide quick and easy access to critical information in a variety of different fields, ranging from the most basic to the most advanced. As its name implies, these concise, comprehensive study guides summarize the essentials of the field covered. Essentials are helpful when preparing for exams, doing homework and will remain a lasting reference source for students, teachers, and professionals. Business Statistics I includes descriptive statistics, introduction to probability, probability distributions, sampling and sampling distributions, interval estimation, and hypothesis testing.
    LanguageEnglish
    PublisherResearch & Education Association
    Release dateMay 1, 2014
    ISBN9780738671437
    Business Statistics I Essentials
    Author

    Louise Clark

    The author of the 9 Lives Cozy Mystery Series, Louise Clark has been the adopted mom of a number of cats with big personalities. The feline who inspired Stormy, the cat in the 9 Lives books, dominated her household for twenty loving years. During that time he created a family pecking order that left Louise on top and her youngest child on the bottom (just below the guinea pig), regularly tried to eat all his sister’s food (he was a very large cat), and learned the joys of travel through a cross continent road trip. The 9 Lives Cozy Mystery Series—The Cat Came Back, The Cat’s Paw, and Cat Got Your Tongue —as well as the single title mystery, A Recipe For Trouble, are all set in her hometown of Vancouver, British Columbia. For more information please sign up for her newsletter at http://eepurl.com/b0mHNb. Or visit her at www.louiseclarkauthor.com or on Facebook at LouiseClarkAuthor.

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      Book preview

      Business Statistics I Essentials - Louise Clark

      F

      CHAPTER 1

      INTRODUCTION

      1.1DEFINITION OF STATISTICS

      STATISTICS is defined as the process of collecting, analyzing, interpreting, and presenting data. A distinction should be made between statistics as a science or course of study and the term statistic which we are accustomed to hearing when listening to the sports news broadcast or the weather report, for example. The term statistic is the final outcome (number) which is derived from the science of statistics or statistical methods.

      Statistical methods are categorized as:

      a)Descriptive - that body of techniques which describes a set of data in an effort to condense or better understand what is there (e.g., the average age of a group of 100 individuals might give one a much better image of the group as compared to an individual listing of each of the 100 ages).

      b)Inferential - that body of techniques which allows us to draw conclusions about a larger group of objects by examining only a portion of those objects (e.g., predicting the outcome of an election by taking a random sample of registered voters).

      1.2STATISTICS IN BUSINESS

      Statistical data serve as a general aid to the managerial decision making process. One cannot make wise decisions without a proper understanding of the facts used in making those decisions. The most successful decision makers are people who can most effectively make use of the information which is available to them. In some instances, statistical data are collected for a particular purpose, such as a decision on the feasibility of marketing a new product, while in other instances, general information might be sought about economic conditions. Statistical methods are applied to answer questions in all of the major business disciplines including accounting, finance, marketing, economics, production, and of course, general management.

      1.3TYPES OF STATISTICAL DATA

      DATA are the facts on which we perform statistical methods or techniques; i.e., facts which we collect, analyze, interpret, and present. Data are either:

      or

      If data are qualitative, we may analyze them by determining the percentage falling within each category. For example, if we are analyzing information about the gender mix of a group, we may express this either as the total of males and females in the group or the percentage of males and females in the group. Other methods of attempting to make sense of this characteristic would yield useless results. On the other hand, the types of analysis that can be performed on quantitative data are much broader and will be the basis for most of the material presented in this book. It should be noted, however, that qualitative data are often coded as numerical data (e.g., male = 1 and female = 2) in order to permit certain forms of quantitative analysis.

      1.4SOURCES OF STATISTICAL DATA

      Data may be collected from a number of different sources.

      Internal Data are facts that are collected from records of the organization desiring the data; e.g., company records such as sales figures, inventory records, payroll information.

      External Data are facts that are collected from sources outside the organization desiring the information; i.e., from sources other than company records. These data are published and may be in the form of a:

      Primary Source - that which presents data collected and published first hand

      or

      Secondary Source - that which republishes data taken from a previously published source.

      On the other hand, external data may be collected from an original investigation utilizing a survey technique. When this is the case, these data are referred to as Primary Data.

      CHAPTER 2

      DESCRIPTIVE STATISTICS

      2.1FREQUENCY DISTRIBUTIONS AND GRAPHS/CHARTS

      A frequency distribution is one method of condensing original data into a more usable form. It is a table which is used to summarize a set of data by showing the number of items contained in the individual categories set forth in the table. A frequency distribution may be constructed using either qualitative or quantitative data. Qualitative data are much easier to tabulate in this manner due to the natural categorization of the data.

      a)Qualitative Data

      Frequency distributions illustrating qualitative data simply indicate the categories into which the data are to be divided and the number (or percentage) of the objects falling within each category.

      EXAMPLE:

      FREQUENCY DISTRIBUTION

      OF THE NUMBER OF STUDENTS

      ENROLLED IN XYZ UNIVERSITY

      BROKEN DOWN BY CLASS

      1989 – 90

      Charts or graphs are also meaningful data reduction techniques. The two most appropriate charts for qualitative data are the bar chart/graph and the pie chart.

      EXAMPLE:

      THE NUMBER OF STUDENTS

      ENROLLED IN XYZ UNIVERSITY

      BROKEN DOWN BY CLASS

      1989 – 90

      NOTE: It is also appropriate to present this data in a vertical bar chart.

      EXAMPLE:

      PIE CHART OF THE NUMBER

      OF STUDENTS ENROLLED IN XYZ

      UNIVERSITY BROKEN DOWN BY CLASS

      1989 – 90

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