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Business Stats for MBA Students

This document provides an overview of an introduction to business statistics course. It includes [1] ground rules for the class such as no mobile phones and unannounced quizzes, [2] topics that will be covered like probability, distributions, sampling and more, and [3] definitions of key statistical concepts like descriptive versus inferential statistics, population versus sample, and types of data. The document aims to outline the approach and content of the business statistics course.

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7 views9 pages

Business Stats for MBA Students

This document provides an overview of an introduction to business statistics course. It includes [1] ground rules for the class such as no mobile phones and unannounced quizzes, [2] topics that will be covered like probability, distributions, sampling and more, and [3] definitions of key statistical concepts like descriptive versus inferential statistics, population versus sample, and types of data. The document aims to outline the approach and content of the business statistics course.

Uploaded by

Aniket
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Business Statistics -

Introduction
Dr. Nisha Prakash
Class of 2023-25 (Session 1)
Ground rules

• Your time might be important, my time is more important to me!


• Mobile phones – I will confiscate. Do not expect it back.
• Quizzes will never be announced. Only Moodle knows.
• No retest – you failing is not my problem, it is yours.
• Maintain class decorum – one person talks at any point of time.
• Mode of communication: Walk-in or Email; WhatsApp is off limits.
• Bringing calculator is a must. Laptops, if required, will be informed.
Topics
• Introduction – Descriptives, visual representation, describing data
• Probability theory – Basics, conditional, Bayes Theorem
• Random variable & Distributions
- Binomial
- Normal
- Poisson
• Sampling and sampling distributions Session plan has details
• Central limit theorem Approach - Traditional
Excel once we are comfortable
• Hypothesis testing
• Correlation and regression
What is Statistics?

 Statistics is about collecting, organizing, presenting, analyzing, and interpreting


numerical data.
 Statistics uses data to gain insights and draw conclusions
 Statistics is as old as data itself. Started getting traction in 18 th century and now.
 Why is statistics important for businesses? Give me a scenario.

- Helps you make sense of random data


- Forecasting
- Aids in taking informed decisions
No escape route!

Give instances of using statistics in:


 Finance
 Marketing
 Operations
 Human Resource
 Business Analytics
Word of caution

“Statistics can be made to prove anything – even the truth”


“Facts are stubborn but statistics are more pliable”
“There are lies, damned lies and statistics”
“There are two kinds of statistics, the kind you look up and the kind you make up”
Types of statistics

Graphs, tables and charts that display data so that they are
Descriptive Statistics
easier to understand are examples of descriptive statistics.

The process of estimation of any parameter of the population


from a sample is referred as statistical inference.
Inferential Statistics
Statistical inference can be used in decision theory, making
decisions under conditions of uncertainty.
Population vs. sample

Probability
Types of data in Statistical analysis

Ordinal
Qualitative/Categorical data/Non-parametric
• Data which cannot be measured on a numerical scale
• It includes attributes (gender, religion)
• Can be quantified using categorical variables Nominal

Quantitative/Numerical data Discrete


• Data which can be measured or identified by a
numerical scale i.e. count and put a value to the
variable
Continuous

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