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OSM 201 Business Statistics I

Fall 2012 Sec 2

Tuesday / Thursday

10:00 am 11:15 am

Bradford R. Eichhorn, PMPBU 534 (216) 687-3657

B.Eichhorn@csuohio.edu

mailto:B.Eichhorn@csuohio.edumailto:B.Eichhorn@csuohio.edu

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Syllabus Review

Text

Overview

Requirements & Grading

Policies

Schedule (Labor Day and Thanksgiving)

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Textbook

Statistics for Business and EconomicsSpecial Revised 11th Edition, 2012

Anderson / Sweeney / Williams

www.cengagebrain.com/micro/clevelandosm

Good for both OSM 201 and OSM 202Consider using two 3-ring binders

OSM 201 covers chapters 1-9

http://www.cengagebrain.com/micro/clevelandosmhttp://www.cengagebrain.com/micro/clevelandosm

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Course Overview

We Do We Dont

Count Calculus

Add, subtract,

multiply, divide,square, square root

Use computers

Graph Matrix math

Organize data Proofs

Work systematically Geometry

Think

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Course Requirements andGrading

30% Mid-Term 1 30% Mid-Term 2

30% Final

10% Homework

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Free Tutoring

OSM in BU 538

Academic Support Center in BU 220Mon - Thurs

www.csuohio.edu/business/osm/academics/tutoring.html

http://www.csuohio.edu/business/osm/academics/tutoring.htmlhttp://www.csuohio.edu/business/osm/academics/tutoring.html

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Exam Format

Part 1 25-30% of exam Closed book, closed notes

No formula sheets, no calculator

Concepts and application

Part 2 70-75% of exam

Closed book, closed notes Formula sheet provided by instructor,calculator

Doing the mathematics

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Exam Part 1 Example

What kind of data is being represented?

a) Cross sectional

b) Time series

c) Nominal

d) Ordinal

U.S. Average Price Per GallonFor Conventional Regular Gasoline

Source: Energy Information Administration, U.S. Department of Energy, May 2009.

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What is OSM?Operations and Supply Chain Management

Includes: purchasing, logistics, projectmanagement, distribution / warehouse,

import/export, quality control, productionplanning, inventory management, etc.

http://www.csuohio.edu/business/osm/

http://www.csuohio.edu/business/osm/http://www.csuohio.edu/business/osm/

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Why OSM?

Rapid growth in this field

High visibility

High salaries

http://csuohio.edu/business/osm/documents/OSMAdvising.pdf

http://csuohio.edu/business/osm/documents/OSMAdvising.pdfhttp://csuohio.edu/business/osm/documents/OSMAdvising.pdf

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What is Statistics?

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What is Statistics?

The art and science of

collecting, analyzing,

presenting and interpreting

data.

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Why Study Statistics?

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Why Study Statistics?

Accounting

Finance

MarketingProduction

Economics

Provides a way to represent facts

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Real Life Example

Manufacturing company with many

plants migrating from one computer

system to another. Pilot testing theinvoices showed minor differences on

some line items. It was determined to

be caused by rounding errors.

OK, but how much is OK?

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Data

Elements entities

Variable characteristic of an element

Observation one measurement for oneelement

* See table 1.1 p5

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Categorical and Quantitative

Categorical can be categorized

Nominal uses labels or names

Ordinal nominal plus order or rank

Quantitative numeric (interval or ratio)

Interval numeric where the differencebetween values is meaningful

Ratio interval where the ratio betweennumbers is important; most often there is a

meaning to a zero value

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Definitions

Cross Sectional collected at the same time

Time Series collected across time

Descriptive Statistics - summary of data in

tabular, graphical or numerical form

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Statistical Inference

Population set of all elements ofinterest to a study

Census conducting a survey tocollect data for the entire population

Sample a subset of the populationSample Survey (sampling) conducting

a survey to collect data for a sample

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Questions?