...probability and statistics are worked with in the business. Understanding how important statistics and its value to any business will lead the way to success. Overview of the Data Set The variables consist of both quantitative and qualitative data in regards to quantitative data that is known to have a numeric value as this data set includes age, job satisfaction and benefits (Cernauskas, Grey, Hemphill & Segal, 2011). The Qualitative data has a nonnumeric value and the variables for this data set consist of gender, position and department (Cernauskas et al, 2011). The two categories together provide the statistical data for the AIU staff analysis. Use of Statistics and Probability in the Real World The probability theory has survived for over three hundred years and it has grown to be a major part of everyday life (Vidal, n. d.). We have all made decisions based on the simplest activity such as picking straws or rolling dice. However, decisions are also based on likelihood of an event or simply by a hunch (Cernauskas et al, 2011). There are substantial ways that statistics are being used today ranging from areas in genetics, economics, and medicine. Another important use for statistics is for education; the National Center for Educational Statistics (NCES) provides analysis and reports on the data collected in regards to the condition of education in the US as well as the conducting and reporting of educational activities worldwide (National Center for Statistics, n. d.). ...
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...Statistics in Business Kathleen S. Power-Davenport QNT/351 May 25, 2015 Lance Milner Statistics in Business Introduction Statistics is "the science of collecting, organizing presenting, analyzing, and interpreting data to assist in making more efficient decisions" (Lind, Marchal & Wathen, 2011). This paper will summarize the types, levels, and the role of statistics in business decision making, followed by examples of statistics in action. Types, Levels, and the Role in Business Decision Making The two categories of statistics are descriptive and inferential. Descriptive statistics is the analysis of data that describes, or summarizes the data in a meaningful way (Laerd Statistics, 2013). Business leaders can organize large amounts of data into a comprehensive format utilizing descriptive statistics. But descriptive statistics do not make conclusions about the data. An inferential statistic is calculated by taking a sample of the data from the population, and drawing a conclusion about the whole based on the small amount (Lind, Marchal & Wathen). Decision makers move forward based on a conclusion drawn from statistical inference. The data gathered for statistics is classified into four levels of measurement: nominal, ordinal, interval and ratio (Lind, Marchal & Wathen). Data at the lowest level is nominal and has a qualitative variable divided into categories or outcomes. Ordinal data is qualitative and represented by sets of labels or names...
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...tools used to base effective business decisions. Calculating time cost, money cost, and return on forecast, all are based on data mining, marketing research, information analysis and findings. Statistics is way to finding the answer. Statistics – The Method of Organizing Data Generally, statistics is a set of disciplines to analyze quantitative information. Statistics entails all aspects of information: comprehending, collecting, communicating, organizing, and interpreting. All of these are the key reference for forecasting consequences or decision making. Thus, it permits us to estimate the extent of our errors. Purchasing a Business It is not an easy task or decision to purchase a business. Before the final decision is made there are many things to consider. To start with, what exactly do you want to achieve? For whatever reason, you must be sure that it is something that you are ready to devote a large amount of time and energy too. Otherwise, you might be trapped into doing something that you loathe. You must ask yourself how far you are ready to commit. How much of your own time, energy, and money are you willing to sacrifice? Finer Diner Sales Proposal The owner of the Finer Diner submitted a proposal to you in hopes of selling the business to you. His asking price is $250,000. Your financial institution advises that your monthly payment to finance that amount would be $1850.00. This is in addition to other business expenses you would incur such...
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...Important Internet Statistics of Thailand Thaweesak Koanantakool, August 24, 2007 htk@nectec.or.th © 2007 1. Thailand is 10th largest IP network number in Asia Thailand is ranked tenth in Asia in terms of the number if IP-numbers in use in the past three years. Leading countries/economies are: India, China, South Korea, Australia, Hong Kong, Japan, Taiwan and Singapore and New Zealand. It is interesting to see a big jump for Hong Kong which became number five since October 2006. Thailand scored better than Malaysia, Indonesia and Philipines. Source: calculated from NECTEC (www.nectec.or.th/internet) Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Country India China South Korea Australia Hong Kong Japan Netherlands (regist'd in APNIC) Taiwan Singapore New Zealand Thailand Malaysia Philipines Indonesia Vietnam Number of Class C Number of usable IP networks numbers 16,803,956.004 4,268,204,825 278,935.125 70,849,522 124,237.063 31,556,214 111,420.332 28,300,764 86,216.586 21,899,013 68,468.125 17,390,904 67,712.000 17,198,848 60,931.000 15,476,474 19,264.004 4,893,057 18,901.625 4,801,013 13,609.000 3,456,686 12,089.000 3,070,606 9,215.250 2,340,674 7,098.000 1,802,892 3,255.000 826,770 Asia Pacific IP Number Growth 100,000 Number of Class-C IP-number allocation 10,000 1,000 100 BN HK ID JP KH LA MN PH SG TH TW VN 10 /04 /12 /10 /11 /12 /01 /03 /05 /06 /07 /08 /09 /10 /11 /02 /03 /04 /05 /06 /07 /08 /09 /11 /12 /01 /02 /03 /04 /05 /06 /08 /09 /10 /11 /12 2006...
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...Professor and Dean, School of Business North South University, Dhaka, Bangladesh E-mail: hannan@northsouth.edu Phone: 8852000, Ext.1717 (O), Cell: 01713063097 Permanent Address: Mailing Address: House # 35, Road # 24, Suite # 504 House # 3, Road #78, Apt # 403, Gulshan 2, Dhaka, Bangladesh Gulshan 2, Dhaka-1212, Bangladesh EDUCATION: Post Doctoral Industrial Statistics, (Concentration: Quality Improvement) September 2002 University of Calgary, Alberta, Canada. Research: Modeling censored data for quality improvement from replicated design of experiments. Ph.D. Industrial Engineering, (Area: Production Management and Applied Statistics.) September 1999 Northeastern University, Boston, USA. Thesis: Analysis of censored life test data and robust design method for reliability improvement from highly fractionated experiments. M.S. Operations Research, (Area: Decision Science and Operations Research) June 1996 Northeastern University, Boston, USA. M.Sc. Statistics, First Class, 4th Position December 1987 Department of Statistics, Jahangirnagar University, Dhaka, Bangladesh. B.Sc. (Hons.) Statistics, First Class, 6th Position, (Minor: Mathematics, Economics), July 1986 Department of Statistics, Jahangirnagar University, Dhaka, Bangladesh. EMPLOYMENT: April 2008- present Professor, School of Business, North South University, Dhaka, Bangladesh. Teaching business statistics, operations management, Total...
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...Quantitative Techniques in Business Introduction to Statistics In the business world, and in fact, in practically every aspect of daily living, quantitative techniques are used to assist in decision making. Why? Unlike the classroom, in the “real world” there is often not enough information available to be guaranteed of making a correct decision. For instance, if advertisers would like to know how many households in the United States with televisions are tuned to a particular television show, at a particular date and time, it would be impossible to determine without the complete cooperation of every household and an astonishing amount of time and money. If a consumer protection agency wanted to determine the true proportion of prescription drug users who also use herbal non-regulated over-the-counter supplements, this information would most likely not be available. As a result of the inability to determine characteristics of interest, the application of statistics, and other quantitative techniques has developed. Statistics is defined as the process of collecting a sample, organizing, analyzing and interpreting data. The numeric values which represent the characteristics analyzed in this process are also referred to as statistics. When information related to a particular group is desired, and it is impossible or impractical to obtain this information, a sample or subset of the group is obtained and the information of interest is determined for the subset. For instance...
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...SUBJECT: BUSINESS STATISTICS COURSE CODE: MC-106 LESSON: 01 AUTHOR: SURINDER KUNDU VETTER: DR. B. S. BODLA AN INTRODUCTION TO BUSINESS STATISTICS OBJECTIVE: The aim of the present lesson is to enable the students to understand the meaning, definition, nature, importance and limitations of statistics. “A knowledge of statistics is like a knowledge of foreign language of algebra; it may prove of use at any time under any circumstance”……………………………………...Bowley. STRUCTURE: 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 Introduction Meaning and Definitions of Statistics Types of Data and Data Sources Types of Statistics Scope of Statistics Importance of Statistics in Business Limitations of statistics Summary Self-Test Questions Suggested Readings 1.1 INTRODUCTION For a layman, ‘Statistics’ means numerical information expressed in quantitative terms. This information may relate to objects, subjects, activities, phenomena, or regions of space. As a matter of fact, data have no limits as to their reference, coverage, and scope. At the macro level, these are data on gross national product and shares of agriculture, manufacturing, and services in GDP (Gross Domestic Product). 1 At the micro level, individual firms, howsoever small or large, produce extensive statistics on their operations. The annual reports of companies contain variety of data on sales, production, expenditure, inventories, capital employed, and other activities. These data are often field data...
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...Kamber, and Jian Pei University of Illinois at Urbana-Champaign & Simon Fraser University ©2011 Han, Kamber & Pei. All rights reserved. Adapted for CSE 347-447, Lecture 1b, Spring 2015 1 1 Introduction n n n n n n n n n n Why Data Mining? What Is Data Mining? A Multi-Dimensional View of Data Mining What Kind of Data Can Be Mined? What Kinds of Patterns Can Be Mined? What Technologies Are Used? What Kind of Applications Are Targeted? Major Issues in Data Mining A Brief History of Data Mining and Data Mining Society Summary 2 Why Data Mining? n The Explosive Growth of Data: from terabytes to petabytes n Data collection and data availability n Automated data collection tools, database systems, Web, computerized society n Major sources of abundant data n n n Business: Web, e-commerce, transactions, stocks, … Science: Remote sensing, bioinformatics, scientific simulation, … Society and everyone: news, digital cameras, YouTube n n We are drowning in data, but starving for knowledge! “Necessity is the mother of invention”—Data mining—Automated analysis of massive data sets 3 Evolution of Sciences: New Data Science Era n n Before 1600: Empirical science 1600-1950s: Theoretical science n Each discipline has grown a theoretical component. Theoretical models often motivate experiments and generalize our understanding. Over the last 50 years, most disciplines have grown a third, computational...
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...Introduction The art and science of collecting, analyzing, presenting and interpreting data to make more effective decision. A collection of numerical information is called statistics. Statistical Data: According to Horace Secrist “By statistics we mean aggregate of facts affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for a pre-determined purpose and placed in relation to each other”. Features of This Definition Are: * Statistics are aggregate of facts. * Statistics are affected to a marked extent by multiplicity of causes. * Statistics are numerically expressed. * Statistics are enumerated or estimated according to reasonable standard of accuracy. * Statistics are collected in a systematic manner. * Statistics are for a pre-determined purpose. * Statistics should be placed in relation to each other. Functions of Statistics: * It presents facts in definite forms. * It simplifies mass of figures. * It facilitates comparison. * It helps in formulating and testing hypothesis. * It helps in prediction and * It helps in the formulation of suitable policies. Limitations of Statistics: * It does not deal with isolated measurements. * It deals only with quantitative characteristics. * Its results are true only on average. * It is only a means. * It can be misused. ...
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...about the population parameters. This will be accepted only when data provides sufficient evidence to establish its truth. 3. Test Statistic - A sample statistic (often a formula) that is used to decide whether to reject H0 . 4. Rejection Region- It consists of all values of the test statistic for which H0 is rejected. This rejection region is selected in such a way that the probability of rejecting true H0 is equal to α (a small number usually 0.05). The value of α is referred to as the level of significance of the test. 5. Assumptions - Statements about the population(s) being sampled. 6. Calculation of the test statistic and conclusion- Reject H0 if the calculated value of the test statistic falls in the rejection region. Otherwise, do not reject H0 . 7. P-value or significance probability is defined as proportion of samples that would be unfavourable to H0 (assuming H0 is true) if the observed sample is considered unfavourable to H0 . If the p-value is smaller than α, then reject H0 . Remark: 1. If you fix α = 0.05 for your test, then you are allowed to reject true null hypothesis 5% of the time in repeated application of your test rule. 2. If the p-value of a test is 0.20 (say) and you reject H0 then, under your test rule, at least 20% of the time you would reject true null hypothesis. 1. Large sample (n > 30) test for H0 : µ = µ0 (known). Z= x − µ0 ¯ σ √ n Example. A study reported in the Journal of Occupational and Organizational Psychology investigated the relationship of employment...
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... * DQ#1: What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision. 1. Using statistics to evaluate the performance of your business. Taking all factors into account, determine whether you are making or losing money. In addition, determine the trend of your business. For example, determine whether, over time, you are making more or less profit (or loss). Track the share of the market that your business holds, and how this changes over time. Evaluate all these factors for each product type, even each model, in your company's line. The statistics to use here are simple line and bar graphs of data. These data can alert you to where you need to change aspects of your business, and how quickly you have to make that change. Furthermore, statistics are an excellent way to determine how you should allocate your resources to increase sales. Sales in a given market are a result of a number of factors, such as pricing, the size of the sales force, and the type and number of advertisements placed. However, these factors will not be equally important for every product. You would use multiple regressions to determine which of these factors are most important, and how much changing your asset allocation (for example, the size of the sales force) will change sales. 2. Statistics: The science of collecting, organizing, and analyzing data. Descriptive Statistics - Finding The Skew 16,15,18,118 ...
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...e-brief November 27, 2008 Squeaky Hinges: Widening the Door to Canadian Cross-border Investment R E L E V A N T By Matt Krzepkowski and Jack Mintz For the period 2001-2007, Canada ranked only 25th among 98 countries in its openness to world markets as measured by cross-border investment flows as a percentage of GDP. For inbound investment flows alone, it ranked 47th. In failing to be more open, Canada loses out on managerial and technological expertise, increased human capital and productivity, and higher wages. Canada should look to dismantle barriers to both inbound and outbound foreign investment to increase business exposure to global competition. R E A S O N E D I N D E P E N D E N T While foreign direct investment has been a controversial issue in Canada, the reality is that Canada’s openness to world capital flows, both inbound and outbound, is not impressive by world standards. This lack-lustre performance is problematic considering the net benefits derived from greater access to global capital and technology markets. Emotions on the issue run high. Sharp increases in the number and size of mergers and acquisitions by foreign investors, like those involving Falconbridge, Inco, Alcan and Cognos, have raised fears of Canadian industry being hollowed-out by foreign corporations operating in their own interests and against those of Canadians. These fears, in 2007, led to calls for then-Industry-Minister Jim Prentice to consider blocking more cross-border acquisitions...
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...7 NATIONAL INCOME PART I : National Income Accounting I. Concepts & Meaning of National Income II. Measurement of National Income III. Relevant Concepts of National Income IV. Factors Affecting National Income V. Uses of National Income Statistics VI. Limitations of National Income * * * I. Concepts & Meaning of National Income National income is a measure of the total flow of earnings of the factor-owners through the production of goods & services. In a simple way, it is the total amount of income earned by the citizens of a nation. All incomes are based on production. In this sense, national income reflects the level of aggregate output. The term national income carries at least 2 meaning in economics. The total value of the level of aggregate output is called Gross National Product or G.N.P. G.N.P. is a measure of the total market value of all final goods & services currently produced by all the citizens of a nation within a period, usually a year. There are a few points important here: * It measures how much people produce. * It counts current production only. * It counts the level of output with a market value. * It relies on the market prices of goods & services as a measure. II. Measurement of National Income There are mainly 3 approaches...
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...Statistics and Business Analytics, FALL 2014 ES-1, Grp 7: Koel BANERJEE, Sahil BIHARI, Rong TIAN, Jean-Baptiste VARNIER, Dmitry YATSENKO House Prices Analysis in the DFW Area Report prepared for M. Sam Horton HEC PARIS MBA PROGRAM FALL 2014 FINAL TEAM PROJECT 0 Statistics and Business Analytics, FALL 2014 ES-1, Grp 7: Koel BANERJEE, Sahil BIHARI, Rong TIAN, Jean-Baptiste VARNIER, Dmitry YATSENKO This report summarizes the statistical analysis performed in relation to the sale of houses in the Dallas Fort Worth (DFW) area, which includes Dallas, Fort Worth, Arlington and the MidCities. This report was prepared exclusively for M. Horton. The purpose of the statistical analysis is to investigate whether the claims from two former Horton Realty customers that their houses were underpriced are justified. 1) Descriptive analysis In preparation of this report, we analyzed residential sales data received from Pat McCloskey that occurred in 2010 in the DFW area. The sample data received included: Categorical variables: the sale quarter (ordinal), the location of the house within the DFW metroplex (nominal), the real estate agency that sold the home (nominal), the observation ID (nominal) and, Quantitative variables: the sale price (ratio), the size of the home (ratio), the number of bedrooms (ratio) and the age of the house (ratio). A descriptive analysis of our sample is performed in Sections 1.1 and 1.2. The observations made in these two sections concern the sample...
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...probability rules Random variables and associate concepts Normal distributions Reading: Chapter 2 (1-7), Chapter 3 (1-5, 10-11) and Chapter 4 (1-8) (1 8) Homework: Replicate and complete all the classroom exercises. Print answers of 2.1 (b-c-d), 2.3 (b-c-d) and 2.4(b-c-d) in one (1) page. 1 Business Statistics Lesson 2 - Page 2 Objectives At the end of the lesson, you should be able to: Define and apply the basic probability rules Describe the basic concepts related to random variables D ib th b i t l t dt d i bl Describe and use the properties of means and variances Recognize and understand the most commonly used probability distributions Use the basic data manipulation and descriptive statistical features of SPSS and transfer between SPSS and Excel SPSS, 1 Business Statistics • • • • Review of probability concepts Lesson 2 - Page 3 Probability: is defined on random events (occurrences), takes values between 0 and 1, and can be interpreted as limit of relative frequency (objective probability) Note: In everyday usage, probability might mean the extent of our belief in the occurrence of the event (subjective probability). However, statistics mostly deals with objective interpretation based on relative frequency. j p q y Basic probability rules: P( Sure event) = 1 and P( Impossible event) = 0 P(A or B) = P(A) + P(B) – P(A and B) Consequences: P( not A) = 1 - P(A) If A and B are disjoint events (that is, if (both A and B) is impossible)...
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