OSM 201 Business Statistics I

Fall 2012 Sec 2 Tuesday / Thursday 10:00 am 11:15 am

Bradford R. Eichhorn, PMP
BU 534 (216) 687-3657 B.Eichhorn@csuohio.edu

Syllabus Review
Text
Overview

Requirements & Grading

Policies Schedule (Labor Day and Thanksgiving)
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Textbook
Statistics for Business and Economics
Special Revised 11th Edition, 2012 Anderson / Sweeney / Williams
www.cengagebrain.com/micro/clevelandosm Good for both OSM 201 and OSM 202 Consider using two 3-ring binders OSM 201 covers chapters 1-9
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Course Overview
We Do Count Add, subtract, multiply, divide, square, square root Graph Organize data Work systematically Think We Dont Calculus Use computers

Matrix math Proofs Geometry

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Course Requirements and Grading

30% 30% 30% 10% Mid-Term 1 Mid-Term 2 Final Homework
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Free Tutoring
OSM in BU 538 Academic Support Center in BU 220 Mon - Thurs
www.csuohio.edu/business/osm/academics/tutoring.html

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Exam Format
Part 1 25-30% of exam
Closed book, closed notes No formula sheets, no calculator Concepts and application

Part 2 70-75% of exam

Closed book, closed notes Formula sheet provided by instructor, calculator Doing the mathematics
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Exam Part 1 Example

U.S. Average Price Per Gallon For Conventional Regular Gasoline

Source: Energy Information Administration, U.S. Department of Energy, May 2009.

What kind of data is being represented? a) Cross sectional b) Time series c) Nominal d) Ordinal

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What is OSM?
Operations and Supply Chain Management

Includes: purchasing, logistics, project management, distribution / warehouse, import/export, quality control, production planning, inventory management, etc.

http://www.csuohio.edu/business/osm/
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Why OSM?
Rapid growth in this field High visibility High salaries

http://csuohio.edu/business/osm/documents/OSMAdvising.pdf
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What is Statistics?

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What is Statistics?
The art and science of collecting, analyzing, presenting and interpreting data.
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Why Study Statistics?

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Why Study Statistics?

Accounting Finance Marketing Production Economics
Provides a way to represent facts
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Real Life Example

Manufacturing company with many plants migrating from one computer system to another. Pilot testing the invoices showed minor differences on some line items. It was determined to be caused by rounding errors. OK, but how much is OK?
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Data
Elements entities Variable characteristic of an element Observation one measurement for one element

* See table 1.1 p5

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Categorical and Quantitative

Categorical can be categorized
Nominal uses labels or names Ordinal nominal plus order or rank

Quantitative numeric (interval or ratio)

Interval numeric where the difference between values is meaningful Ratio interval where the ratio between numbers is important; most often there is a meaning to a zero value
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Definitions
Cross Sectional collected at the same time Time Series collected across time Descriptive Statistics - summary of data in tabular, graphical or numerical form

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Statistical Inference
Population set of all elements of interest to a study Census conducting a survey to collect data for the entire population
Sample a subset of the population
Sample Survey (sampling) conducting a survey to collect data for a sample
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Questions?

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