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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
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& Example: Sample average. Descriptive Statistics: Descriptive statistics summarizing data. involves collecting, classifying, and

Inferential Statistics:

Inferential statistics makes statistical inference about the population parameters based on sample information.

Business Decisions: From time to time, we use quantitative analysis to make business decisions. & Example: Economics: Price of a Good, Interest Rate, Mortgage Rate Finance: Returns, Stock Prices Marketing: Advertising, Sales Management: Quality Control

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Part I (Chapters 1 – 11) B. Descriptive Statistics (Chapters 2 and 3)

B.1 Describing Data Sets Graphically (Chapter 2) The simplest way to describe data is to use graphs. The following shows two types of graphs: frequency histogram and line graph. B.1.1 Relative Frequency Histogram The relative frequency histogram shows the proportions of the total set of data values that fall in various numerical intervals. & Example: Sale Prices The following data represent sale prices (in thousands of dollars) for a random sample of 25 residential properties sold. 66 89 71 109 42 Sort the data. 36 63 72 84 106 59 129 95 77 36 106 74 72 68 148 50 82 57 101 94 63 84 76 65 112

42 65 74 89 109

50 66 76 94 112

57 68 77 95 129

59 71 82 101 148

Organize the data and construct the following relative frequency distribution table. Class i 1 2 3 4 5 6 Sum Class Limits (30, 49) (50,

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