Statistical Techniques in Business & Q Economics: Professor: Mamdouh Hamza Ahmed

Statistical Techniques

q in Business &
Economics
Professor: Mamdouh Hamza Ahmed

Douglas Lind,
William Marchal &
Samuel Wathen

McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc. 2008

STAT 107
COURSE CONTENTS
Chapter Title
1 What is Statistics
2 Describing Data: Frequency Distributions and
Graphic Presentation.
3 Describing
g Data: Numerical Measures
4 Describing Data: Displaying and Exploring Data
5 A Survey of Probability Concepts
6 Discrete Probability Distributions
2
STAT 107
COURSE CONTENTS
Chapter Title
7 Continuous Probability Distributions
8 Sampling
p g Methods and the Central
Limit Theorem
13 Linear Regression and Correlation
15 Index Numbers
16 Ti
Time Series
S i and d Forecasting
F ti
3
What is Statistics
Chapter 1
McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc. 2008

GOALS
z Understand why we study statistics.

z E l i what
Explain h t iis meantt b
by d
descriptive
i ti
statistics and inferential statistics.
z Di ti
Distinguish
i hbbetween
t a qualitative
lit ti variable
i bl
and a quantitative variable.
z D
Describe
ib h how a didiscrete
t variable
i bl iis diff
differentt
from a continuous variable.
z Di ti
Distinguish
i h among th the nominal,
i l ordinal,
di l
interval, and ratio levels of measurement.
5
What is Meant by Statistics?
Statistics is the science of

collecting, organizing, presenting,
analyzing,
l i andd iinterpreting
i
numerical data to assist in making
more effective decisions.
6
Who Uses Statistics?
Statistical techniques are used

extensively by marketing, accounting,
quality control
control, consumers
consumers,
professional sports people, hospital
administrators,
d i i t t educators,
d t politicians,
liti i
physicians, etc...
7
Types of Statistics – Descriptive Statistics
Descriptive Statistics - methods of

organizing,
i i summarizing,
i i and
d presenting
ti
data in an informative way.
EXAMPLE 1: 1 We
W found
f d that
th t 49% off the
th
people in a survey knew the name of the
Prime Minister. The statistic 49 describes
the number out of every 100 persons who
knew the answer.
8
Types of Statistics – Descriptive Statistics
EXAMPLE 2: According to Consumer Reports,

G
General l El
Electric
t i washing
hi machine
hi owners
reported 9 problems per 100 machines during
2001. The statistic 9 describes the number of
problems out of every 100 machines.
Inferential Statistics: A decision, estimate,
prediction, or generalization about a
population, based on a sample.
9
P
Population
l ti versus Sample
S l
A population is a collection of all possible

individuals, objects, or measurements of
interest.
A sample is a portion, or part, of the population
of interest
10
Types of Variables
A. Qualitative or Attribute variable - the

characteristic being studied is nonnumeric
nonnumeric.
EXAMPLES: Gender, religious affiliation, type of
automobile
t bil owned,
d state
t t off birth,
bi th eye color
l are
examples.
B Quantitative
B. Q tit ti variable
i bl - information
i f ti iis reported
t d
numerically.
EXAMPLES: balance in your checking account,
minutes remaining in class, or number of children in a
family.
famil
11
Quantitative Variables - Classifications
Quantitative variables can be classified as either

discrete or continuous.
A. Discrete variables: can only assume certain
values and there are usually “gaps” between
values.
l
EXAMPLE: the number of bedrooms in a house, or the
number of cars sold at the local dealer (1
(1,2,3,…,etc).
23 etc)
B. Continuous variable can assume any value within
a specified
p range.
g
EXAMPLE: The pressure in a tire, the weight of
an animal in a farm, or the height of students in
a class.
l
12
Summary of Types of Variables
13
Four Levels of Measurement
Nominal level - data that is classified into categories

and cannot be arranged in any particular order.
EXAMPLES: eye color, gender, religious affiliation.
Ordinal level – involves data arranged in some order,

but the differences between data values cannot be
determined or are meaningless
meaningless.
EXAMPLE: During a taste test of 4 soft drinks,
Pepsi was ranked number 1, Sprite number 2,
Seven-up number 3, and Mirinda number 4.
14
Summary of the Characteristics for Levels
of Measurement
15
End of Chapter 1
16

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Statistical Techniques

McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc. 2008

McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc. 2008

z Understand why we study statistics.

Statistics is the science of

Statistical techniques are used

Descriptive Statistics - methods of

EXAMPLE 2: According to Consumer Reports,

A population is a collection of all possible

A. Qualitative or Attribute variable - the

Quantitative variables can be classified as either

Nominal level - data that is classified into categories

Ordinal level – involves data arranged in some order,

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