Scribd
Upload
2 views18 pages

Lecture 01

The document outlines a course on Applied Statistics for Business and Economics, detailing session topics, assessment criteria, and keys to success. It highlights the significance of statistics in various business applications, including quality control, marketing, and finance, while also addressing the economic context in rural Vietnam. Additionally, it emphasizes the role of statistics in enhancing critical thinking and informed decision-making.

Uploaded by

lllinhtam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
2 views18 pages

Lecture 01

The document outlines a course on Applied Statistics for Business and Economics, detailing session topics, assessment criteria, and keys to success. It highlights the significance of statistics in various business applications, including quality control, marketing, and finance, while also addressing the economic context in rural Vietnam. Additionally, it emphasizes the role of statistics in enhancing critical thinking and informed decision-making.

Uploaded by

lllinhtam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 18

APPLIED STATISTICS FOR BUSINESS & ECONOMICS

Nguyen Thi Thu Van


Email: [email protected]

[1] Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., &
Cochran, J. J. (2018). Statistics for business and economics (13th ed.).
South-Western Cengage Learning.
[2] Black, K., Asafu-Adjaye, J., Bennett, M., & McKinnon, R. (2017).
Australasian business statistics (4th ed.). John Wiley and Sons Australia.
[3] Doane, D. P., & Seward, L. E. (2016). Applied statistics in business
and economics (5th ed.). McGraw Hill.
This version was last updated on December 29, 2024
Tentative Plan
Session Topics
1 Introduction and Data collection
Describing data visually
2 Descriptive statistics
3 Probability
Discrete probability distributions
4 Continuous probability distributions
5 Sampling distributions and estimation
6 One-sample hypothesis tests
Two-sample hypothesis tests
7 Index numbers
8 Forecasting
9 Review
Assessment Summary

1. Progress Score: 50%


• Class attendance and participation: 10%
• Quizzes: 20%
• Midterm Exam: 20%
2. Final Exam Score: 50%
Keys to success in Statistics

 Review the materials prior to attending class.

 Arrive to class on time.

 Ask questions actively.

 Practice similar problems from the textbook


that are discussed in class.

Wishing you success and joy in mastering knowledge!


LECTURE 1

Introduction to Statistics
A New Market in Rural Vietnam

 With 65% of Vietnam's population residing in rural


areas and dependent on agriculture, economic
growth presents significant opportunities.

 However, a closer examination of published statistics


reveals that rural regions contribute only 30-35% of
GDP, have lower per capita incomes, and face
limited access to education and technology. These
factors create challenges for business expansion.
A New Market in Rural Vietnam

What does it mean for businesses?

 Businesses should focus on offering affordable


products to align with the lower income levels in
rural areas.

 Advertisers should rely on visuals and simple


messaging to overcome challenges related to
low literacy rates and limited digital access.
Samsung Electronics Vietnam
A leading manufacturer of smartphones and home
appliances, exports millions of units each year. To meet
growing demand, it outsources production to over 200
local suppliers.

To ensure high product quality and maintain consumer


trust, Samsung employs statistical quality control
techniques to monitor production and verify that
components meet strict standards. These techniques are
crucial in maintaining and guaranteeing product quality.
How is the Economy doing in Vietnam?
The General Statistics Office (GSO) provides key
data to help investors and decision makers assess
Vietnam's economic performance, including: New
home sales; Consumer price index (CPI), Gross
domestic product (GDP), Unemployment rate, etc.

Economists use these statistics to predict future


trends, such as forecasting inflation by analyzing
past patterns, helping businesses and policy makers
make informed decisions.
Two Branches of Statistics
Statistics
The branch of mathematics that transforms data into
useful information for decision makers.

Descriptive Statistics Inferential Statistics

Collecting, summarizing, Using data collected from a


presenting and analyzing small group to draw
data conclusions about a larger
group
Descriptive Statistics

 Collect data
 e.g., Survey

 Present data
 e.g., Tables and graphs

 Characterize data
 e.g., Sample mean =  X i

n
Inferential Statistics
Drawing conclusions about a population based on
sample results involves two key methods:

 Estimation: for instance, estimating the average


height of all UEH students using the average height
from a sample of 200 students, which is 160 cm.

 Hypothesis testing: for instance, testing the claim that


the average height of UEH students is 160 cm based on
sample data.
Why study Statistics?
 Numerous career opportunities

 Deeper understanding of data analysis reports

 Improved communication and problem-solving


skills

 Strengthened critical and analytical thinking

 Enhanced technical literacy

… and much more!


What are Applications of Statistics in Business?

 Auditing
 Statistical sampling procedures

are used when conducting audits.

 Economics
 Statistical information is used in

making forecasts about the future

of the economy.
What are Applications of Statistics in Business?
 Actuary

 Insurance companies forecast the


probability of an event occurring to
determine the funds needed to pay claims.

 Marketing

 A survey of customer preference on a


product or service.

 Production

 Statistical quality control charts are used to


monitor the output of a production process.
What are Applications of Statistics in Business?
 Finance
 Statistical information is used to guide an
investment.

 Operations Management
 Manage inventory by
forecasting consumer demand.
How can Statistics support Critical Thinking?
 Statistics is an essential part
of critical thinking because it
allows us to test an idea
against empirical evidence.

 Empirical data refers to information gathered through


observation and experimentation. Statistical tools are
used to compare theoretical concepts with empirical
data; however, challenges and pitfalls may arise. These
will be explored in more detail later.
-- The End of Topic --
Thank You!

You might also like