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# BUS172

## Instructor: Nahid Farnaz (Nhn)

North South University

BUS172:
Introduction to Statistics
Chapter 1
Why Study Statistics?

Chap 1-1

## Dealing with Uncertainty

Everyday decisions are based on incomplete
information

## Decision makers cannot be certain of the future behavior of

factors that affect the outcome

## Numerical information is everywhere

Statistical techniques are used to make many decisions

## An understanding of statistical methods will help you make these decisions

more effectively.

Chap 1-2

Importance of Statistics

## Statistics is the study of how to make decisions

about a population when our information has
been obtained from a sample.

Chap 1-3

Key Definitions

## A population is the collection of all items of interest that

interest an investigator.

Chap 1-4

Population
a b

Sample

cd

ef gh i jk l m n
o p q rs t u v w
x y

## Values calculated using

population data are called
parameters

gi
o

n
r

y
Values computed from
sample data are called
statistics
Chap 1-5

Example:
Sample vs. Population

## Suppose you want to find out the average age of

The population size is so large that we might take
only a random sample, perhaps 500 registered
voters and calculate their average age.
Since the average age is based on sample data,
it is called a statistic
If the average age of the whole population was
calculated, then the average age would be called
a parameter.

## Statistics for Business and Economics, 6e 2007 Pearson Education, Inc.

Chap 1-6

Random Sampling
Simple random sampling is a procedure in which
each member of the population is chosen strictly by chance,
each member of the population is equally likely to be chosen,
and
every possible sample of n objects is equally likely to be chosen

Chap 1-7

## Descriptive and Inferential Statistics

Two branches of statistics:

Descriptive statistics

## Collecting, summarizing, and processing data to

transform data into information

Inferential statistics

## provide the bases for predictions, forecasts, and

estimates that are used to transform information
into knowledge
Chap 1-8

Descriptive Statistics

Collect data

Present data

e.g., Survey

Summarize data

## e.g., Sample mean =

Chap 1-9

Inferential Statistics

Estimation

## e.g., Estimate the population mean weight using

the sample mean weight

Hypothesis testing

## e.g., Test the claim that the population mean

weight is 120 pounds

## Inference is the process of drawing conclusions or

making decisions about a population based on
sample results
Chap 1-10

Exercise 1.8

a)

b)

c)

## Determine if descriptive statistics or inferential

statistics should be used to obtain the following
information:
A graph that shows the number of defective
bottles produced during the day shift over one
weeks time.
An estimate of the percentage of employees who
arrive to work late.
An indication of the relationship between years of
employee experience and pay scale.
Chap 1-11