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Operations Management and Information System
OMIS 2010
Alan Marshall

Chapter 1 What is StatisticsWay to get info from dataDescriptive statistics deals with methods of organizing summarizing and presenting data in convenient and informative way ie graphing techniques Use numerical techniques to summarize data average Average is a measure of central locationRange is measure of variabilityInferential Statistics methods used to draw conclusionsinferences about characteristics of population based on sample dataExit polls random sample of votes exit the polling booth and asked for whom they voted sample proportion of voters supported the candidates is computedKey Statistical ConceptsPopulation group of all items of interest very large does not necessarily refer to group of peopleParameter descriptive measure of a population meanof soft drinks consumer by all students at the university or proportion of 5 million who voted for BushSample set of data drawn from the studied populationStatistic descriptive measure of a sample used to make inferences about parametersStatistical Inference process of making an estimatepredictiondecision about a population based on sample data measure of reliabilityConfidence level proportion of times that an estimating procedure will be correctSignificance level measures how frequently conclusion will be wrongHw pg 39 47 5762 6972 195 197 202 204 9194 100104 110112 118125Chapter 2 Graphical Descriptive Techniques 1Types of Data and InformationVariable some characteristic of a population or sample ie prices of stocks varying dailyValues possible observations of the variable integers between 0100 of statistics exam100 marksData observed values of a variable midterm test marks of 10 students datum refers to mark of one studentInterval data real numbers heights weights incomes distances quantitative or numericalNominal data values of nominal data are categories responses to questions about marital status qualitativecategoricalonly calculations based on frequencies or percentages of occurrence are valid
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