1. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Data Analysis and Decision Making 14.1 14.1Mathematics and Management 14.2 14.2Basic Math and Measurement Systems 14.3 14.3Understanding and Using Basic Statistics 14.4 14.4Using Data in Decision Making CHAPTER 14

2. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e 14.1 Mathematics and Management DLTs ● Describe ways that mathematics is used by managers to improve decision making. ● Identify several common and specialized mathematical applications used by business managers. 2 CHAPTER 14

3. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Mathematics Skills for Managers ● Math for decision making ● Communicating findings 3 CHAPTER 14

4. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Business Applications of Mathematics ● Developing Math Skills ● Math Applications in Business ● Accounting and Finance ● Production and Operations ● Marketing ● Human Resources 4 CHAPTER 14

5. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Common Business Activities that Require Math Skills

6. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e 14.2 14.2Basic Math and Measurement Systems DLTs ● Demonstrate understanding of basic mathematical operations. ● Recognize common units of U.S. and metric measurement. 6 CHAPTER 14

7. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Basic Mathematic Operations ● Adding and subtracting ● Multiplying and dividing ● Fractions, ratios, decimals, and percentages 7 CHAPTER 14

8. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Measurement Systems in Business ● Traditional U.S. measures ● Metric measures 8 CHAPTER 14

9. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e 14.3 14.3Understanding and Using Basic Statistics DLTs ● Explain why statistics is important to managers and identify two types of statistics. ● Recognize important types of statistical information. 9 CHAPTER 14

10. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Understanding Numerical Information ● The importance of statistics ● Types of statistics ● Descriptive statistics ● Inferential statistics 10 CHAPTER 14

11. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Statistics Terms and Concepts ● Descriptive statistics ● Inferential statistics 11 CHAPTER 14

12. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Common Descriptive Statistics ● Range ● Frequency distribution ● Central tendency ● Mean ● Median ● Mode 12 CHAPTER 14

13. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Common Inferential Statistics ● Population ● Sample ● Probability ● Correlation 13 CHAPTER 14

14. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Non Fiction Book Study ● Turn in outline for book study – Due Today 14

15. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e 14.4 14.4 Using Data in Decision Making DLTs ● Describe how to identify and communicate the results of data analysis. ● Discuss how data should be used in effective decision making. 15 CHAPTER 14

16. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Communicating Results of Data Analysis ● Completing data analysis ● Summarizing results ● Written summaries ● Tables, charts, and graphs 16 CHAPTER 14

17. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Example of a Table 17 CHAPTER 14 © Cengage Learning 2013.

18. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Example of a Chart 18 CHAPTER 14 © Cengage Learning 2013.

19. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Example of a Graph 19 CHAPTER 14 © Cengage Learning 2013.

20. ©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Making Data-Based Decisions ● Reading and interpreting information ● Answering questions and solving problems 20 CHAPTER 14