Statistics, Part 1

What is Statistics?

In this lecture you will meet Dr. Sherry Jensen who will be your guide in exploring statistics as they relate to the Essentials of Business Development courses.

Key Statistical Concepts

In this lecture, we will distinguish between descriptive statistics and inferential statistics.  We will also introduce the key statistical concepts of population, sample, and statistical inference.

Bar and Pie Charts

We will begin our discussion of descriptive statistics by identifying when pie and bar charts are most appropriate and how to use these graphical techniques.

Histograms

This lecture introduces another graphical technique: histograms.  We will discuss when histograms are most appropriate, and how to create them.

Line Charts

Scatter Diagrams

In this lecture we will discuss the use of scatter diagrams to understand the relationship between two interval variables. 

Measures of Central Location

This lecture explores numerical techniques for describing both population and sample data. We will define and calculate mean, median, and mode, and discuss when each measure of central location is most appropriately applied.

Measures of Variability

In this lecture we will define and calculate measures of variability. These measures capture the dispersion or spread of the data. 

Measures of Linear Relationship

In this lecture, we will discuss the calculation of covariance and the coefficient of correlation to describe the relationship between two variables. We will examine each formula, calculate each statistic, and interpret each value.

Data Collection and Sampling

We will identify methods of collecting data, compare three sampling plans, and discuss sampling and non-sampling errors.

Probability Density Functions

In this lecture we will explore the main characteristics of a probability density function.  

Normal Distribution

We will now discuss probability density functions the main characteristics of the normal distribution function.

Standard Normal Distribution 

In this lecture, we will discuss the process by which we standardize random variables so that we can utilize the normal probability distribution to solve probabilities.

Estimating the Population Proportion

This lecture demonstrates how to estimate the approximate value of a population parameter on the basis of a sample statistic.

Read Textbook

BUS 5602: Essentials of Business Development 2

BSTAT

• Chapters 1-4, 7, 8, and 9

You will need to activate the Data Analysis pack in Excel and install Data Analysis Plus in Excel. Please follow the links below for assistance.

Here is a link that details activating Data Analysis in Excel 2013:

https://support.office.com/en-us/article/Use-the-Analysis-ToolPak-to-perform-complex-data-analysis-6c67ccf0-f4a9-487c-8dec-bdb5a2cefab6

Here is a link for Data Analysis Plus:

http://www.kellerstatistics.com/KellerStatistics/DataAnalysisPlus

Sample Excel Demonstration Files

• Downloadable Excel Files for Demonstrations

Please note that these add-ons may not be compatible with Microsoft Excel 2016.

Suggested Practice Problems

• Chapter 1 Problems1, 2, and 3
• Chapter 2 Problems 4, 5, 10, and 12
• Chapter 3 Problems 1, 14,  and 28 (You can find the data sets for Problems 14 and 28 here) 
• Chapter 4 Problems 1, 14, and 17
• Chapter 7 Problems 4 and 14
• Chapter 8 Problem 5
• Chapter 9 Problems 13 and 14

Unless otherwise noted, data sets for the Suggested Practice Problems may be found in Appendix A.

Answers to Suggested Practice Problems