Levine Smume7 Ch00

8/18/2019 Levine Smume7 Ch00

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

Statistics for Managers UsingMicrosoft Excel ®

7th Edition

Let’s Get Started


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Learning Objectives

In this chapter you learn:

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

about statistics criticall% iportant

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*+ !rae#or$ !or appl%ing statistics can help %ou

solve business probles (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 aounts

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 nubers b% an ever

increasing nuber o! sources3



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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 suaries 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 eerging !ield o! /usiness +nal%tics a$es

8e"tensive use o!9 )ata

Statistical and 'uantitative anal%sis

E"planator% : predictive odels

act based anageent

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# +

rae#or$ To ,inii=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*+ rae#or$

(elps 0ou To +ppl% Statistics To9

Suari=e : visuali=e business data

?each conclusions !ro those data

,a$e reliable !orecasts about business

activities

prove business processes



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)eveloping Operational )e!initions s

Crucial To +void Con!usion @ Errors

+n operational de!inition is a clear and precise

stateent that provides a coon understanding

o! eaning

n the absence o! an operational de!inition

iscounications 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! Ters

VARIAL!

A characteristic of an item or individual.

DA"A

The set of individual values associated with a variable.

S"A"IS"ICSThe methods that help transform data into usefulinformation 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

)eterine i! the nubers in these studies are

use!ul in!oration

*alidate clais o! causalit%

See patterns that large aounts o! data

soeties reveal



12/22Chap LGS-12

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

Statistics +re sed n /usiness

StatisticsThe branch of mathematics that transforms data intouseful information for decision makers.

Descripti#e Statistics

Collecting, summarizing, presenting and analyzing data

Inferential Statistics

Using data collected from asmall group to draw conclusionsabout 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 anageent science ethods to developodels that ipact an organi=ation.s strateg%

planning and operations3

se in!oration s%stes ethods to collect andprocess data sets o! all si=es including ver%

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

e"aine e!!icientl%3



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

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

(uan resource anagers A(?B understanding

relationships bet#een (? drivers $e% business

outcoes eplo%ee s$ills capabilities and otivation3

inancial anal%sts deterining #h% certain trends occurto predict !uture !inancial environents3

,ar$eters driving lo%alt% progras and custoer

ar$eting decisions to drive sales3

Suppl% chain anagers planning and !orecasting based

on product distribution and optii=ing sales distribution

based on $e% inventor% easures3



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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! theautoatic collection o! high volues o! data at

ver% !ast rates3

Older statistical techni'ues are o!ten ties

ipractical #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 iportant part o! the learning process

)o#nloadable e"aple E"cel® #or$sheets are

provided throughout each chapter uerous case studies are provided so %ou can

+ppl% #hat %ou have learned

Enhance %our anal%tical : counication 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 5riar% )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 coluns

The intersection o! a speci!ic ro# and colun is called acell and is #here data is stored

Standard business practice is to store the data

associated #ith a variable in a colun

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 !orat



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(o# Can se E"cel &ith This

/oo$

E"cel can be used to learn and appl% the statistical

ethods discussed in this boo$

E"cel can be used b% utili=ing the E"cel add-in

5(Stat 5(Stat is available !ree !or users o! this boo$

5(Stat sipli!ies the tas$ o! operating E"cel

E"cel can also be used via !n$%epth Excel !n$%epth Excel instructions use teplates !or a speci!ic

statistical solution

The E"cel Guides e"plain ho# to use either ethod


C ti S$ill d d


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Coputing S$ills eeded or

This /oo$

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

asic Co$puting S%ills Specifics

denti!ication o! E"cel Title bar inii=e@resi=e@close buttons scroll bars

application #indo# objects !orula bar #or$boo$ area cell pointer3

O!!ice ?ibbon parts9 tab group galler% launcher

button

Shortcut ApopupB enu

Ino#ledge o! ouse Clic$ Aalso called selectB chec$ and clear doubleclic$

operations right-clic$ drag@drag-and-drop

denti!ication o! dialog bo" Coand button list bo" drop-do#n list edit bo"

Objects option button chec$ bo"

asic &icrosoft Office S%ills Specifics

E"cel data entr% Organi=ing #or$sheet data in coluns entering

nuerical and categorical data

ile operations Open save print

&or$sheet operations Create cop%

E l S$ill d d Th !


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E"cel S$ills eeded or The !n$

%epth Excel +pproach


S%ill Specifics

orula s$ills Concept o! a !orula cell re!erences

absolute and relative cell re!erences ho# to

enter a !orula ho# to enter an arra%

!orula

&or$boo$ presentation (o# to appl% !orat changes that a!!ect the

displa% o! #or$sheet cell contents

Chart !oratting correction (o# to correct the !oratting o! charts thatE"cel iproperl% creates

)iscrete histogra creation (o# to create a properl% !oratted

histogra !or a discrete probabilit%

distribution


21/22Statistics for Managers Using Microsoft Excel# 7e Copyright ©2014 Pearson Education !nc" Chap LGS-21

Chapter Suar%

In this chapter 'e ha#e seen:

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

about statistics criticall% iportant

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*+ !rae#or$ !or appl%ing statistics can help %ou

solve business probles (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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+ll rights reserved3 o part o! this publication a% be reproduced stored in a retrieval s%ste or

transitted in an% !or or b% an% eans electronic echanical photocop%ing recording or

other#ise #ithout the prior #ritten perission o! the publisher3

5rinted in the nited States o! +erica3

Levine Smume7 Ch00

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