Business Statistics
Week 1
Introduction to Business Statistics & Excel
Business Team Meeting In Boardroom by Matthew Henry
https://burst.shopify.com/photos/business-team-meeting-in-boardroom?q=chart
What Is Business Statistics?
The application of statistical tools and methods to analyze
data for evidence-based business decisions.
What Is Business Statistics?
The core of business statistics:
Data
Mathematics & Statistics
Calculators/Software/Tools (Excel)
Infographic Data Never Sleeps 9.0
https://www.domo.com/learn/infographic/data-never-sleeps-9
Importance of Business Statistics
• Data into evidence
Data > Information > Evidence-based Decisions
• Understand the present state, relationships, and assess
performance
• Predicting the future with what we know
• AND be able to incorporate uncertainty in business decisions
Why should you care?
Job Keyword # jobs (15/02/2023)
“data” 33834
“marketing” and “data” 7150
“finance” and “data” 7824
“human resources” and “data” 9016
“logistics” and “data” 1642
“business analytics” 3884
“data science” 3897
Why should you care?
Source: au.talent.com
Why should you care?
Example of Business Problems:
• Did the marketing campaign lead to an increase in customer base?
• Can we predict product demand using customer demographics?
• How do we better balance risk in financial investment?
• How do we plan human resources with annual demand patterns?
• What was the impact of increasing interest rates on the economy?
• How has the shortage in global supply chain impacted our production?
Course Overview
Assessment:
Course Overview
Group Assignment:
• Five members per group
• All group members MUST be in the same tutorial
• Register group on Google Form – self allocation
• Group will be finalized by end of week 2 – no switches allowed there
after
The Learning Process
What we expect from you:
• Attend the lectures and complete the online quizzes.
• Attempt all tutorial exercises and quizzes - attend your allocated
tutorial!
• Tutorial starts in Week 1
• Practice your Excel skills – get your hands dirty with data!
• Attend the Learning Support sessions if you need help.
PREPARATION & CONSISTENCY!
Introduction to Excel
Microsoft Excel
• Spreadsheet system – convenient data tables
• Plotting and charting tools
• Data summaries via pivot tables
• Calculations with built-in functions
• Add-in toolpaks for more advanced calculations
Introduction to Excel
Getting Excel Ready:
• Install the latest version of Microsoft Excel
• Install Data Analysis Toolpak
⮚ Window users: File > options > Add-ins > Manage Excel add-ins
(down at the bottom) > Go.
Then tick Analysis ToolPak and Solver add-in
⮚ Mac users: Tools > Excel add-ins (down at the bottom).
Then tick Analysis ToolPak and Solver add-in
Introduction to Excel
Quick access
toolbar
Menu Tab
Ribbon
Formula bar
Column identifier
Row Identifier
Status bar
Menu Tab contains various “ribbons” Each ribbon has a different palette of icon/options.
The Home ribbon is displayed by default, and contains various general formatting/editing tools.
Commonly Used Menu Tab
The Insert ribbon contains useful Excel tools of tables, plots and drawing tools.
The Data ribbon contains data management tools: importing, sorting, filtering
including more complex tools of Data Analysis and Solver.
Formulas in Excel
Cells: can contain data – it can be in the form numbers or text or formulas.
Cells are referenced by a column letter and a row number
• Cell A 1 contains number 6
Formulas in Excel
Cells: can contain data – it can be in the form numbers or text or formulas.
Cells are referenced by a column letter and a row number
• Cell A 1 contains number 6 Content of current cell
Current location of
your cursor
Formulas in Excel
Formulas: You may perform mathematical computations using formulas in any
cells.
⮚ Start with “=“ sign.
⮚ Simple operations addition (+), subtraction(-), multiplication(*), division (/)
and powers (^).
Formulas in Excel
Formulas: You may perform mathematical computations using formulas in any
cells.
⮚ Formulas in a cell can be copied by selecting the cell and double clicking on
the tiny green square on the bottom right hand corner.
Functions in Excel
Functions: for calculations other than basic operations
• For example, “=SQRT(C4)”
• Square root operation on the number stored in cell C4
Prompt to Excel that
this is a function
=SQRT(C4)
Function name Round brackets
specific to Excel for function input
Functions in Excel
Some functions require multiple inputs
To define a range of consecutive cells, use colon “:”
• E.g. A1:A5
• A:A indicate the whole of column A
Functions in Excel
There are 300+ functions in Excel
You can look at the available functions by clicking on the Formulas Ribbon.
Commonly Used Functions in Excel
Mean =AVERAGE(A:A)
Median =MEDIAN(A:A)
Standard deviation =STDEV.S(A:A)
Minimum =MIN(A:A)
Maximum =MAX(A:A)
Concept Check
