The document provides an outline for a course on basic business statistics concepts. It includes sections on course information, materials, assessment methods, topics to be covered such as descriptive statistics, probability, probability distributions, correlation and regression analysis. It also lists learning outcomes which include creating and interpreting data summaries, calculating measures of location and dispersion, performing probability computations, and applying probability distributions and regression/correlation analysis to business problems.
The document provides an outline for a course on basic business statistics concepts. It includes sections on course information, materials, assessment methods, topics to be covered such as descriptive statistics, probability, probability distributions, correlation and regression analysis. It also lists learning outcomes which include creating and interpreting data summaries, calculating measures of location and dispersion, performing probability computations, and applying probability distributions and regression/correlation analysis to business problems.
The document provides an outline for a course on basic business statistics concepts. It includes sections on course information, materials, assessment methods, topics to be covered such as descriptive statistics, probability, probability distributions, correlation and regression analysis. It also lists learning outcomes which include creating and interpreting data summaries, calculating measures of location and dispersion, performing probability computations, and applying probability distributions and regression/correlation analysis to business problems.
The document provides an outline for a course on basic business statistics concepts. It includes sections on course information, materials, assessment methods, topics to be covered such as descriptive statistics, probability, probability distributions, correlation and regression analysis. It also lists learning outcomes which include creating and interpreting data summaries, calculating measures of location and dispersion, performing probability computations, and applying probability distributions and regression/correlation analysis to business problems.
Statistics Basic Concepts Business Statistics Course Basic Concepts Outline
Introduction on Business Statistic Sarah Faisal Ahmed, Ph.D Basic Concepts Masters of Business Administration School of Management Studies University of Khartoum
February 20, 2021
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Business Statistics Basic Concepts
Course Outline 1 Course Outline Introduction on Business Statistic
Basic 2 Introduction on Business Statistic
Concepts
3 Basic Concepts
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Business Statistics Basic General Information Concepts
Course Title: Business Statistics.
Course Outline Course Code: Mgmt513. Introduction on Business Credit Hours: 3 Hours. Statistic Class Time: Monday, Tuesday 4-6 Basic Concepts Instructor: Sara Faisal Ahmed Office: Department of Statistics, Faculty of Mathematical Science. Office Hours: Monday, 8-12 am, or by appointment. Email: [email protected], [email protected]
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Business Statistics Basic Concepts
Course Course Description Outline
Introduction The business statistics course is designed to provide on Business Statistic graduate students with statistical tools to help them to Basic render efficient business decision under certain and Concepts uncertain business environment. Moreover it enhances graduate students research capabilities. This course include the following topics: descriptive statistics, probability, probability distributions, correlation and regression analysis.
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Business Statistics Basic Concepts
Course Course Materials
Outline
Introduction The classes will be based on lecture notes and following on Business Statistic Suggested references: Basic Douglas A. Lind - Statistical Techniques in Business Concepts and Economics- (15 edition) McGraw Hill Irwin 2011 Allan Bluman - Elementary Statistics a Step by Step Approach, (8 edition) 2011
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Business Statistics Basic Concepts
Course Outline Assessment Methods Introduction on Business Statistic Exercises - 15 Basic Concepts Midterm - 25 Final exam - 60
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Business Statistics 1 Introduction on Business Statistic Basic Concepts 2 Descriptive Statistics 2.1 Tables and Graphical presentations 2.2 Numerical Summaries Course Outline 2.2.1Measures of Central Tendency Introduction 2.2.2Measures of Variation on Business 2.2.3Measures of Position Statistic 3 Probability Basic Concepts 3.1 Probability Rules 3.2 Conditional Probability 3.3 Probability Functions 4 Probability Distributions 4.1 Discrete Distribution 4.2 Continuous Distribution 5 Sampling Methods and the Central Limit Theorem 6 Correlation 7 Regression analysis 7 / 29 Course Outline
Business Statistics Basic Course Outcomes Concepts Based on satisfactory completion of this course, a student Course should be able to: Outline
Introduction 1 Create and interpret summaries of data using tables on Business Statistic and graphs in business applications; Basic 2 Calculate and apply measures of location and Concepts dispersion of grouped and ungrouped data; 3 Perform basic probability computations; 4 Apply discrete and continuous probability distributions to business applications; 5 Interpret results of bivariate and multivariate regression and correlation analysis.
8 / 29 Lecture Objectives
Business Statistics Basic Concepts
Course Outline Demonstrate Knowledge of statistical terms. Introduction on Business Statistic Differentiate between the two branches of statistics. Basic Identify types of data. Concepts Distinguish between nominal, ordinal, interval, and ratio levels of measurement.
9 / 29 Why we study statistics?
Business Statistics Basic Concepts Data are collected everywhere and require statistical knowledge to make the information useful. No matter what Course your career, you will need a knowledge of statistics to Outline understand the world and to be conversant in your career. Introduction on Business An understanding of statistics and statistical method will Statistic help you make more effective personal and professional Basic Concepts decisions. To be able read and understand the various statistical studies. To conduct research in your field, since statistical procedures are basic to research. To become better consumers and citizens.
10 / 29 Statistical Fields
Business Statistics Statistics is used in almost all fields of human endeavor, for Basic Concepts example: In public health, an administrator might be concerned Course Outline with the number of residents who contract a new strain Introduction of flu virus during a certain year. on Business Statistic In sports, for example, a statistician may keep records Basic of the number of yards a running back gains during a Concepts football game. In education, a researcher might want to know if new methods of teaching are better than old ones. In business, a manager might want to support a story of a company’s business, such as what makes us profitable, how will our customers respond to a change in marketing. 11 / 29 Business Statistics
Business Statistics Basic Concepts
Course Outline Business Statistics Introduction on Business Business Statistics is the science of intelligent decision Statistic making in the face of uncertainty and is used in many Basic Concepts disciplines, such as financial analysis, econometrics, auditing, production and operations, and marketing research.
12 / 29 Definitions
Business Statistics Basic Concepts
Statistics Course Outline Statistics is the science of collecting, organizing, presenting, Introduction analyzing, and interpreting data to assist in making more on Business Statistic effective decisions. Basic Concepts Methodological steps for statistical analysis in scientific research
DataCollection → DataDescription → DataAnalysis →
DrawConclusion
13 / 29 Descriptive and Inferential Statistics
Business Statistics Statistics is divided into two main branches: Basic Concepts Descriptive Statistics Course Descriptive statistics is the methods of organizing, Outline summarizing, and presenting data in an informative way. Introduction on Business Statistic
Basic Inferential Statistics Concepts Inferential statistics is consist of generalizing from samples to populations, performing estimations and hypothesis tests, determining relationships among variables, and making predictions.
An area of inferential statistics called hypothesis testing is
a decision-making process for evaluating claims about a population, based on information obtained from samples. 14 / 29 Population and Sample
Business Statistics Population Basic Concepts Consists of all subjects (human or otherwise) that being studied. Course Outline
Introduction Sample on Business Statistic
Basic Sample is a group of subjects selected from a population. Concepts
Population
Sample
15 / 29 Statistic and Parameter
Business Statistics Basic Concepts
Statistic Course Outline A statistic is a characteristic or measure obtained by using Introduction on Business the data values from a sample. (not to be confused with Statistic Statistics) Basic Concepts
Parameter A parameter is a characteristic or measure obtained by using all the data values from a specific population.
16 / 29 Population vs Sample
Business Statistics Basic Concepts
Course The population includes all objects of interest where the
Outline
Introduction sample is only a portion of the population. on Business Statistic Parameters are associated with populations and Basic statistics with samples. Concepts Parameters are usually denoted using Greek letters (µ, σ) while statistics are usually denoted using Roman letters (x,s).
17 / 29 Data and Variable
Business Statistics Basic Concepts Data Course The values (measurements or observations) that the Outline variable can assume. Introduction on Business Data can be used in different ways, depending on how data Statistic are used. Basic Concepts Variable Is a characteristic or attribute that can assume different values. If the values are determined by chance it called random variable.
18 / 29 Qualitative and Quantitative
Business Statistics Basic Concepts Variables can be classified as: 1 Qualitative variables Course Outline 2 Quantitative variables Introduction on Business Statistic
Basic Concepts Qualitative which are variables that can be placed into distinct categories, according to some characteristic or attribute. Examples of qualitative variables are gender, type of automobile owned, and eye color.
19 / 29 Qualitative and Quantitative
Business Statistics Basic Concepts
Quantitative Course Outline which are numerical and can be ordered or ranked. Introduction on Business Examples of quantitative variables are the balance in your Statistic checking account, and the life of an automobile battery Basic Concepts (such as 42 months).
Quantitative variables can be classified into two groups:
1 Discrete variables 2 Continuous variables
20 / 29 Qualitative and Quantitative
Business Statistics Discrete variables Basic Concepts assume values that can be counted, for example number of children in a family, the number of bedrooms in a house (1, Course Outline 2, 3, 4, etc.) and the number of students in each section of a Introduction statistics course (25 in section A, 42 in section B, and 18 in on Business Statistic section C). Basic Concepts
Continuous variables can assume an infinite number of values between any two specific values. They are obtained by measuring. They often include fractions and decimals, for example temperature, Grade point average (GPA) and weight. 21 / 29 Qualitative and Quantitative
Business Statistics Basic Concepts
Course Outline
Introduction on Business Statistic
Basic Concepts
22 / 29 Measurement Scales
Business Statistics Basic Concepts The nominal level of measurement Course Classifies data into mutually exclusive (non overlapping) Outline
Introduction categories in which no order or ranking can be imposed on on Business the data, for example gender. Statistic
Basic Concepts The ordinal level of measurement Classifies data into categories that can be ranked. however, precise differences between the ranks do not exist, for example student grade (A, B, C,D and F) and any variable with labels (high, medium, low).
23 / 29 Measurement Scales
Business Statistics Basic Concepts The interval level of measurement Course Ranks data, and precise differences between units of Outline
Introduction measure do exist; however, there is no meaningful zero, for on Business example temperature and scale IQ. Statistic
Basic Concepts The ratio level of measurement Possesses all the characteristics of interval measurement, and there exists a true zero. In addition, true ratios exist when the same variable is measured on two different members of the population, for example height, weight.
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Course Outline
Introduction on Business Statistic
Basic Concepts
25 / 29 Data collections
Business Statistics Basic Concepts
Course Outline
Introduction Data can be collected in a variety of ways with some on Business considerations: large staff attempting to collect this Statistic
Basic information, budget and time. One of the most common Concepts methods is through the use of surveys, Three of the most common methods are:
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Business Statistics Basic Concepts
Course Outline The telephone survey, its has an advantage over Introduction on Business personal interview surveys in that they are less costly. Statistic Also, people may be more candid in their opinions Basic Concepts since there is no face to-face contact. A major drawback to the telephone survey is that some people in the population will not have phones.
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Business Statistics Basic Concepts
Course Outline The mailed questionnaire, it less expensive to Introduction conduct. Also, respondents can remain anonymous if on Business Statistic they desire. Disadvantages of mailed questionnaire Basic surveys include a low number of responses and Concepts inappropriate answers to questions. Another drawback is that some people may have difficulty reading or understanding the questions.
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Business Statistics Basic Concepts
Course The personal interview, the advantage of obtaining
Outline in-depth responses to questions from the person being Introduction on Business interviewed. Disadvantage is that interviewers must be Statistic trained in asking questions, which makes it more costly Basic Concepts than the other two survey methods and the interviewer may be biased in his or her selection of respondents. Other ways, such as surveying records or direct observation of situations.
