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    Statistics for Managers Using Microsoft Excel ® 7e Copyright ©2014 Pearson Education !nc" Chap LGS-1

    Statistics for Managers Using Microsoft Excel ®

    7th Edition

    Let’s Get Started

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    Statistics for Managers Using Microsoft Excel ® 7e Copyright ©2014 Pearson Education !nc" Chap LGS-2

    Learning Objectives

    In this chapter you learn: 

     That the volue o! data that e"ists in the #orld a$es learning

    about statistics criticall% iportant

     That statistics is a #a% o! thin$ing that can help %ou a$e

    better decisions

     &hat business anal%tics is and ho# these techni'ues

    represent an opportunit% !or %ou

     (o# the )CO*+ !rae#or$ !or appl%ing statistics can help %ou

    solve business probles  (o# to a$e best use o! this boo$

     (o# to prepare !or using ,icroso!t E"cel® #ith this boo$

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    n Toda%.s /usiness &orld 0ou

    Cannot Escape ro )ata

     n toda%.s digital #orld ever increasing aounts

    o! data are gathered stored reported on and

    available !or !urther stud%3

     0ou hear the #ord data ever%#here3

     )ata are !acts about the #orld and are

    constantl% reported as nubers b% an ever

    increasing nuber o! sources3

    Statistics for Managers Using Microsoft Excel ® 7e Copyright ©2014 Pearson Education !nc" Chap LGS-4

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    Each /usiness 5erson aces + Choice O!

    (o# To )eal &ith This E"plosion O! )ata

     The% can ignore it and hope !or the best3

    The% can count on other people.s suaries o! data and hope the% are correct3

     The% can develop their o#n capabilit% and

    insight into data b% learning about statistics and

    its application to business3

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-6

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    Statistics s Evolving So /usinesses Can

    se The *ast +ount O! )ata +vailable

    The eerging !ield o! /usiness +nal%tics a$es

    8e"tensive use o!9  )ata

     Statistical and 'uantitative anal%sis

     E"planator% : predictive odels

     act based anageent

    to drive decisions and actions3;

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-

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    To 5roperl% +ppl% Statistics 0ou Should ollo# +

    rae#or$ To ,inii=e 5ossible Errors

    n this boo$ #e #ill use )CO*+

     Define the data %ou #ant to stud% in order to

    solve a proble or eet an objective  Collect the data !ro appropriate sources

     Organize the data collected b% developing

    tables  Visualize the data b% developing charts

     Analyze the data collected to reach

    conclusions and present results

    Chap LGS->Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc"

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    sing The )CO*+ rae#or$

    (elps 0ou To +ppl% Statistics To9

     Suari=e : visuali=e business data

    ?each conclusions !ro those data

     ,a$e reliable !orecasts about business

    activities

     prove business processes

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-7

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    )eveloping Operational )e!initions s

    Crucial To +void Con!usion @ Errors

      +n operational de!inition is a clear and precise

    stateent that provides a coon understanding

    o! eaning

     n the absence o! an operational de!inition

    iscounications and errors are li$el% to occur3

      +rriving at operational de!initionAsB is a $e% part o!

    the )e!ine step o! )CO*+

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-

    )CO*+

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    Operational )e!initions O! Ters

    VARIAL!

    A characteristic of an item or individual.

    DA"A

    The set of individual values associated with a variable.

    S"A"IS"ICS The methods that help transform data into useful information for decision makers.

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc"

    )CO*+

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    &ithout Statistics 0ou Can.t

     )eterine i! the nubers in these studies are

    use!ul in!oration

     *alidate clais o! causalit%

     See patterns that large aounts o! data

    soeties reveal

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-11

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    12/22Chap LGS-12

    T#o )i!!erent /ranches O!

    Statistics +re sed n /usiness

    Statistics The branch of mathematics that transforms data into useful information for decision makers.

    Descripti#e Statistics

    Collecting, summarizing,  presenting and analyzing data

    Inferential Statistics

    Using data collected from a small group to draw conclusions about a larger group

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc"

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    /usiness +nal%tics9 The

    Changing ace O! Statistics

     se statistical ethods to anal%=e and e"plore

    data to uncover un!oreseen relationships3

    se anageent science ethods to develop odels that ipact an organi=ation.s strateg%

    planning and operations3

    se in!oration s%stes ethods to collect and process data sets o! all si=es including ver%

    large data sets that #ould other#ise be hard to

    e"aine e!!icientl%3

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-14

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    /usiness +nal%tics (as +lread% /een +pplied n

    ,an% /usiness )ecision-,a$ing Conte"ts

     (uan resource anagers A(?B understanding

    relationships bet#een (? drivers $e% business

    outcoes eplo%ee s$ills capabilities and otivation3

    inancial anal%sts deterining #h% certain trends occur to predict !uture !inancial environents3

     ,ar$eters driving lo%alt% progras and custoer

    ar$eting decisions to drive sales3

     Suppl% chain anagers planning and !orecasting based

    on product distribution and optii=ing sales distribution

    based on $e% inventor% easures3

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-16

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    The Gro#th O! 8/ig )ata; Spurs The se

    O! /usiness +nal%tics

     8/ig )ata; is still a !u==% concept3

    *er% large data sets are arising because o! the autoatic collection o! high volues o! data at

    ver% !ast rates3

     Older statistical techni'ues are o!ten ties

    ipractical #ith big data3

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-1<

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    (o# To se This /oo$

     The sing Statistics scenario at the beginning and

    end o! each chapter provide   + real business situation that the chapter.s topics can help

    address

     Conte"t #hich is an iportant part o! the learning process

     )o#nloadable e"aple E"cel® #or$sheets are

    provided throughout each chapter   uerous case studies are provided so %ou can

      +ppl% #hat %ou have learned

     Enhance %our anal%tical : counication s$ills

    Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-1>

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    ,icroso!t E"cel s The 5riar% )ata

     +nal%sis +pplication n ,icroso!t O!!ice

     E"cel uses #or$sheets AspreadsheetsB to both store data

    and present anal%sis results

      + #or$sheet has ro#s and coluns

     The intersection o! a speci!ic ro# and colun is called a cell and is #here data is stored

     Standard business practice is to store the data

    associated #ith a variable in a colun

     E"cel saves !iles that it calls #or$boo$s   + #or$boo$ is a collection o! #or$sheets and chart

    sheets

      +n e"cel !ile is t%picall% saved in an 3"ls" or 3"ls !orat

    Statistics for Managers Using Microsoft Excel# 7e Co