Course Title: Business Statistics BBA (Hons) 2 nd Semester Course Instructor: Atiq ur Rehman Shah Lecturer, Federal Urdu University of Arts, Science & Technology, Islamabad +92-345-5271959 [email protected]
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Course Title: Business StatisticsBBA (Hons)2nd Semester
Course Instructor: Atiq ur Rehman ShahLecturer, Federal Urdu University of Arts,
Science & Technology, Islamabad+92-345-5271959
Learning Objectives
• Define statistics• Become aware of a wide range of
applications of statistics in business• Differentiate between descriptive and
inferential statistics• Learn about population and samples• Collection of data• Types of data
What is Statistics?
• Statistics is the science of conducting studies to collect, organize, summarize, analyze and draw conclusions from data.
Statistics in Business
• Accounting — auditing and cost estimation• Economics — regional, national, and international
economic performance • Finance — investments and portfolio management• Management — human resources, compensation, and
quality management• Management Information Systems — performance of
systems which gather, summarize, and disseminate information to various managerial levels
• Marketing — market analysis and consumer research• International Business — market and demographic
analysis
Population Versus Sample
• Population — the whole• a collection of persons, objects, or items under
study
• Sample — a portion of the whole• a subset of the population
Population
Population
Identifier Color
RD1 Red
RD2 RedRD3 Red
RD4 RedRD5 RedBL1 BlueBL2 Blue
GR1 GreenGR2 GreenGY1 GrayGY2 GrayGY3 Gray
Sample and Sample Data
Identifier Color
RD2 Red
RD5 Red
GR1 Green
GY2 Gray
Branches of Statistics
• Descriptive statistics• Inferential statistics
Descriptive statistics
• Descriptive statistics consists of the collection, organization, summarization and presentation of data.
• In descriptive statistics the statistician tries to describe a situation.
Inferential statistics
• Inferential statistics consists of the generalizing from samples to population, performing estimations and hypothesis test, determining relationships among variables, and make predictions.
• In inferential statistics, the statistician tries to make inferences from sample to population
Collection of data- Levels of Data Measurement
• Nominal• Ordinal• Interval• Ratio
Nominal Level Data• Numbers representing nominal level data are
used only to classify or categorize.
Example: Gender1. Male2. Female
Example: Geographic location1. Punjab2. Sindh3. KPK4. Baluchistan
Ordinal Level Data
• Numbers are used to indicate rank or order• Relative magnitude of numbers is meaningful• Differences between numbers are not comparable
Example: Ranking productivity of employees
Employee Rank
A 2
B 3
C 1
Example of Ordinal Measurement
f
i
n
is
h
1
2
3
4
5
6
Ordinal Data
Do you think your university is providing you adequate facilities??
1 2 3 4 5
StronglyAgree
Agree StronglyDisagree
DisagreeNeutral
Interval Level Data
• Distances between consecutive integers are equal• Relative magnitude of numbers is meaningful• Differences between numbers are comparable• Location of origin, zero, is arbitraryExample: Fahrenheit Temperature 30*, 31*, 32*, 33*
Ratio Level Data• Highest level of measurement• Relative magnitude of numbers is meaningful• Differences between numbers are comparable• Location of origin, zero, is absolute (natural)
Examples: Height, Weight etc
Types of data
• Primary data• Original data collected for a specific research goal.
• Secondary data• Data originally collected for a different purpose and
reused for another research question.
Activity
What are the sources of primary and secondary data????
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