TAILIEUCHUNG - Lecture Basic statistics for business & economics (8/e): Chapter 1 – Lind, Marchal, Wathen

Chapter 1: What is statistics? When you have completed this chapter, you will be able to: List ways that statistics is used, know the differences between descriptive and inferential statistics, understand the differences between a sample and a population, explain the difference between qualitative and quantitative variables, compare the discrete and continuous variables, recognize the levels of measurement in data. | What Is Statistics? Chapter 01 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin LEARNING OBJECTIVES LO 1-1 List ways that statistics is used. LO 1-2 Know the differences between descriptive and inferential statistics. LO 1-3 Understand the differences between a sample and a population. LO 1-4 Explain the difference between qualitative and quantitative variables. LO 1-5 Compare the discrete and continuous variables. LO 1-6 Recognize the levels of measurement in data. 1- Why Study Statistics? Why Study Statistics? Numerical information is everywhere. Statistical techniques are used to make decisions that affect our daily lives. The knowledge of statistical methods will help you understand how decisions are made and give you a better understanding of how they affect you. No matter what line of work you select, you will find yourself faced with decisions where an understanding of data analysis is helpful. Some examples of the need for data collection. Research analysts for Merrill Lynch evaluate many facets of a particular stock before making a “buy” or “sell” recommendation. The marketing department at Colgate-Palmolive Co., a manufacturer of soap products, has the responsibility of making recommendations regarding the potential profitability of a newly developed group of face soaps having fruit smells. The United States government is concerned with the present condition of our economy and with predicting future economic trends. Managers must make decisions about the quality of their product or service. LO1 List ways statistics is used. 1- What Is Meant by Statistics? In the more common usage, statistics refers to numerical information Examples: the average starting salary of college graduates, the number of deaths due to alcoholism last year, the change in the Dow Jones Industrial Average from yesterday to today, and the number of home runs hit by the Chicago Cubs during the 2007 season. We often present .

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