Part I (Chapters 1 – 11)

MBA 611 STATISTICS AND QUANTITATIVE METHODS
Part I. A. Review of Basic Statistics (Chapters 1-11) Introduction (Chapter 1)

Uncertainty: Decisions are often based on incomplete information from uncertain events. We use statistical methods and statistical analysis to make decisions in uncertain environment. Population: Sample: A population is the complete set of all items in which an investigator is interested. A sample is a subset of population values.

& Example: Population - High school students - Households in the U.S. Sample - A sample of 30 students - A Gallup poll of 1,000 consumers - Nielson Survey of TV rating Random Sample: A random sample of n data values is one selected from the population in such a way that every different sample of size n has an equal chance of selection.

& Example: Random Selection - Lotto numbers - Random numbers Random Variable: A variable takes different possible values for a given subject of study.

Numerical Variable: A numerical variable takes some countable finite numbers or infinite numbers. Categorical Variable: A categorical variable takes values that belong to groups or categories. Data: Data are measured values of the variable. There are two types of data: quantitative data and qualitative data.

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Part I (Chapters 1 – 11) Quantitative Data: Qualitative Data: & Example: 1. 2. 3. 3. 4. 5. 6. 7. 8. Statistics: Quantitative data are data measured on a numerical scale. Qualitative data are non-numerical data that can only be classified into one of a group of categories.

Temperature Height Age in years Income Prices Occupations Race Sales and Advertising Consumption and Income Statistics is the science of data. This involves collecting, classifying, summarizing, analyzing data, and then making inferences and decisions based on the data collected. The numerical measures of a