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Statistics for Business and Economics II

Statistics for Business and Economics II. Stat II 20311 Dr. Shuguang Liu. Outline. Course overview Administrative stuff Introduction to stat II. Course Overview. Who Am I?. Ph.D. in management science Master of Business Administration Courses taught OM, MS, BRM, BDSS, Stat

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Statistics for Business and Economics II

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  1. Statistics for Business and Economics II Stat II 20311 Dr. Shuguang Liu

  2. Outline • Course overview • Administrative stuff • Introduction to stat II Dr. Liu, School of Business, SUNY New Paltz

  3. Course Overview

  4. Who Am I? • Ph.D. in management science • Master of Business Administration • Courses taught • OM, MS, BRM, BDSS, Stat • Calculus for Manager Dr. Liu, School of Business, SUNY New Paltz

  5. My Contact Information • Office: VH 335 • Telephone: x2960 • Email: liush@newpaltz.edu Dr. Liu, School of Business, SUNY New Paltz

  6. The Goals for This Course Are • Introduce a wide variety of Statistics issues and techniques • Prepare a foundation for • More in-depth study • Working as a statistician • Maintain a practical focus • Application oriented • Results providing insights to decisions and solution to problems • Practice using select tools & techniques Dr. Liu, School of Business, SUNY New Paltz

  7. Your Learning in This Course Will Occur in Two Ways • Class discussions • Working problems (quizzes and assigned homework) Dr. Liu, School of Business, SUNY New Paltz

  8. Administrative Stuff

  9. Course Pre-requisites • Statistics – descriptive statistics, probability • PC software – MS Excel Dr. Liu, School of Business, SUNY New Paltz

  10. The Requirements for This Course Are Simple • Read before you come to class • Participate during class • Take quizzes • Complete homework assignments on time • Take the exams Dr. Liu, School of Business, SUNY New Paltz

  11. The Grading for the Course Will Be • Quizzes: 15% • Homework (6): 15% • Midterm I: 20% • Midterm II: 20% • Final exam: 30% Dr. Liu, School of Business, SUNY New Paltz

  12. Exams Schedule Will Be • Currently scheduled for: • Exam I • Exam II • Final exam • Not cumulative • I’ll allow some notes Dr. Liu, School of Business, SUNY New Paltz

  13. Course Materials You’ll Want to Have • Textbook: • Berenson, Levine, and Krehbiel, basic business statistics. Prentice hall, 10th edition. Dr. Liu, School of Business, SUNY New Paltz

  14. Course Web Page • http://www.newpaltz.edu/~liush/stat2.htm • Handouts as they become available • Homework solutions • Announcements • So check frequently Dr. Liu, School of Business, SUNY New Paltz

  15. Some Introduction

  16. Why Are You Taking This Course? • I have a burning desire to be an statistician • I’m strangely attracted to statistics and related subjects • They made me do it Dr. Liu, School of Business, SUNY New Paltz

  17. Descriptive Statistics • Descriptive statistics are the tabular, graphical, and numerical methods used to summarize data. Dr. Liu, School of Business, SUNY New Paltz

  18. Numerical Descriptive Statistics • The most common numerical descriptive statistic • is the average (or mean). • Hudson’s average cost of parts, based on the 50 • tune-ups studied, is $79 (found by summing the • 50 cost values and then dividing by 50). Dr. Liu, School of Business, SUNY New Paltz

  19. Statistical Inference Population - the set of all elements of interest in a particular study Sample - a subset of the population Statistical inference - the process of using data obtained from a sample to make estimates and test hypotheses about the characteristics of a population Census - collecting data for a population Sample survey - collecting data for a sample Dr. Liu, School of Business, SUNY New Paltz

  20. Process of Statistical Inference 1. Population consists of all tune-ups. Average cost of parts is unknown. 2. A sample of 50 engine tune-ups is examined. 3. The sample data provide a sample average parts cost of $79 per tune-up. 4. The sample average is used to estimate the population average. Dr. Liu, School of Business, SUNY New Paltz

  21. Computers and Statistical Analysis • Statistical analysis often involves working with • large amounts of data. • Computer software is typically used to conduct the analysis. • Statistical software packages such as Microsoft Excel and Minitab are capable of data management, analysis, and presentation. • Instructions for using Excel and Minitab are provided in chapter appendices. Dr. Liu, School of Business, SUNY New Paltz

  22. What Will be Covered? • Hypothesis Testing • One population • Two population • Analysis of Variance and Experimental Design • Simple Linear Regression Dr. Liu, School of Business, SUNY New Paltz

  23. Projected Schedule Dr. Liu, School of Business, SUNY New Paltz

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