OneAnIntroductiontoBusinessStatistics.pptVIP

Dr. Constance Lightner- Fayetteville State University Chapter One: An Introduction to Business Statistics Statistics Applications in Business and Economics Basic Vocabulary Terms Populations and Samples 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. 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. 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. The statistical analysis that is appropriate depends on whether the data for the variable are qualitative or quantitative. In general, there are more alternatives for statistical analysis when the data are quantitative. Qualitative Data Qualitative data are labels or names used to identify an attribute of each element. Qualitative data use either the nominal or ordinal scale of measurement. Qualitative data can be either numeric or nonnumeric. The statistical analysis for qualitative data are rather limited. Quantitative Data Quantitative data indicate either how many or how much. Quantitative data that measure how many are discrete. Quantitative data that measure how much are continuous because there is no separation between the possible values for the data. Quantitative data are always