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Essential Statistics in Business and Economics by David P. Doane and Lori E. Seward
McGraw-Hill/Irwin
Chapter
Overview of Statistics
What is Statistics? Why Study Statistics? Uses of Statistics Statistical Challenges Writing and Presenting Reports Critical Thinking Statistics: An Evolving Field
McGraw-Hill/Irwin
Understanding the language of statistics facilitates communication and improves problem solving.
Computer Skills The use of spreadsheets for data analysis and word processors or presentation software for reports which improves upon your existing skills.
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Statistics help summarize large amounts of data and reveal underlying relationships. Technical Literacy
Career opportunities are in growth industries propelled by advanced technology. The use of statistical software increases your technical literacy.
Inferential statistics generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, making decisions.
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Uses of Statistics
Overview of Statistics
(Figure 1.1)
Statistics
Collecting and Describing Data
Sampling and Surveys Visual Displays Numerical Probability Models Summaries
Uses of Statistics
Auditing Sample from over 12,000 invoices to estimate the proportion of incorrectly paid invoices. Marketing Identify likely repeat customers for Amazon.com and suggests co-marketing opportunities based on a database of 5 million Internet purchases.
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Uses of Statistics
Health Care Evaluate 100 incoming patients using a 42item physical and mental assessment questionnaire. Quality Control Initiate a triple inspection program, setting penalties for workers who produce poorquality output.
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Uses of Statistics
Purchasing Determine the defect rate of a shipment and whether that rate has changed significantly over time.
Medicine
Determine whether a new drug is really better than the placebo or if the difference is due to chance.
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Uses of Statistics
Forecasting Manage inventory by forecasting consumer demand. Product Warranty
Determine the average dollar cost of engine warranty claims on a new hybrid engine.
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Is proactive.
Has a broad outlook. Is flexible. Focuses on the main problem.
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Statistical Challenges
The Ideal Data Analyst
Meets deadlines. Knows his/her limitations and is willing to ask for
help.
Can deal with imperfect information. Has professional integrity.
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Statistical Challenges
Working with Imperfect Data State any assumptions and limitations and use generally accepted statistical tests to detect unusual data points or to deal with missing data. Dealing with Practical Constraints You will face constraints on the type and quantity of data you can collect.
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Statistical Challenges
Upholding Ethical Standards
Know and follow accepted procedures, maintain data integrity, carry out accurate calculations, report procedures, protect confidentiality, cite sources and financial support.
Using Consultants
Hire consultants at the beginning of the project, when your team lacks certain skills or when an unbiased or informed view is needed.
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Statistical Challenges
Skills Needed for Success in Business
(Table 1.1)
Common weaknesses
Communication skills Writing skills Immaturity Unrealistic expectations
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Be stylistically consistent.
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Get someone you trust to red-pencil your work. Dont rely on software to catch all spelling and grammar errors.
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Number and title each table above the table, each graph below the graph.
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(Figure 1.3)
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Critical Thinking
Pitfall 1: Making Conclusions about a Large Population from a Small Sample
Be careful about making generalizations from small samples (e.g., a group of 10 patients).
Pitfall 2: Making Conclusions from Nonrandom Samples
Be careful about making generalizations from retrospective studies of special groups (e.g., heart attack patients).
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Critical Thinking
Pitfall 3: Conclusions From Rare Events
Be careful about drawing strong inferences from events that are not surprising when looking at the entire population (e.g., winning the lottery).
Pitfall 4: Using Poor Survey Methods
Be careful about using poor sampling methods or vaguely worded questions (e.g., anonymous survey or quiz).
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Critical Thinking
Pitfall 5: Assuming a Causal Link Based on Observations
Be careful about drawing conclusions when no cause-and-effect link exists (e.g., most shark attacks occur between 12p.m. and 2p.m.).
Pitfall 6: Making Generalizations about Individuals from Observations about Groups
Avoid reading too much into statistical generalizations (e.g., men are taller than women).
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Critical Thinking
Pitfall 7: Unconscious Bias
Be careful about unconsciously or subtly allowing bias to color handling of data (e.g., heart disease in men vs. women).
Pitfall 8: Significance versus Importance
Statistically significant effects may lack practical importance (e.g., Austrian military recruits born in the spring average 0.6 cm taller than those born in the fall).
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