1. Introduction to Statistics
BUS172
Introduction to Statistics

2. What is Statistics?
Definition: Statistics is the study of how to collect, organize, analyze, and interpret numerical information from data. Two types of Statistics: 1) Descriptive Statistics: collection, organization, presentation of data 2) Inferential Statistics: performing hypothesis testing, using probabilities, determining relationships between variables, making predictions.

3. There are FIVE major reasons to study statistics!
Why Study Statistics?
“Why do I need to learn statistics?”
“What future benefit can I get from a statistics class?”
There are FIVE major reasons to study statistics!

4. EFFECTIVELY CONDUCT RESEARCH
Reason # 1
EFFECTIVELY CONDUCT RESEARCH
Without statistics, it would be very difficult to make decisions based on the data collected.
For example, let’s say you want to find out whether it would be more profitable to invest in Stock A or Stock B.
Without statistics, there is no way of making an EDUCATED decisions with two possibilities
Statistics gives us the knowledge of PROBABILITY and INFERENTIAL STATISTICS

5. “But I NEVER plan to be involved in any research!!!”
You may never plan to be involved in research, but it may find its way into your life!
Several undergraduate level classes require you to conduct research (for e.g., finance/investment projects or market research)
Masters or doctoral (PhD) degree
Jobs in Finance/Marketing/Stock Markets/Insurance may require you to conduct research and deal with numerical values
For example, you want to find out the birth/death rates, employment, earning, accident rates – these are all statistical issues!
MARKET RESEARCH
PRODUCT PLANNING
FORECASTING
ANNUAL REPORTS

6. DEVELOP CRITICAL AND ANALYTIC THINKING SKILLS
Reason # 2
DEVELOP CRITICAL AND ANALYTIC THINKING SKILLS
Statistics will help you to develop and use logical thinking abilities and numerical reasoning

7. TO BE AN INFORMED CONSUMER
Reason # 3
TO BE AN INFORMED CONSUMER
Like any other tool, statistics can be used or misused (misleading numbers, for example)
If you know some basic statistical concepts, you will be in a better position to evaluate the information you have been given

8. TO MAKE INFORMED DECISIONS IN BUSINESS AND PUBLIC POLICY
Reason # 4
TO MAKE INFORMED DECISIONS IN BUSINESS AND PUBLIC POLICY
Quantitative reasoning is necessary for making important decisions in business and public policy
From medical studies to research experiments, from government agencies to private firms, data are being collected everywhere and all the time.
Knowledge in statistics provides you with the necessary tools to extract information from the wide set of data.
Businesses can perform forecasting and predictions to help with decision making

9. Reason # 5 Career Prospects
People with expertise in statistics are in demand in all sectors of society, ranging from government, to business and industry, to universities and research labs.
You can be involved with the shaping of public policy in government, the planning of market strategy in business, or the management of investment portfolios in finance.
Careers in statistics generally can be quite lucrative.

10. Useful YouTube links VGBusiness: Amazing Statistics
Kzenias:
C1: WHAT IS STATISTICS?
A Day Without Statistics:
Khanacademy:
Qualitygurus:
Business statistics- chapter 1- jim vernon
StatisticsLessons:
Perdisco.tv: