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```									B AD 6243: Applied Univariate Statistics

Introduction to Statistical
Concepts

Professor Laku Chidambaram
University of Oklahoma
Quantitative Research Questions
• Descriptive:
– What is the GPA of the incoming MBA class?
• Difference:
– Does the salary of new grads differ based on major?
• Relationship:
– What is the relationship between gender and income
in professional sports?
• Prediction:
– Can we predict how much a manager will earn based
on his education and level of experience?

BAD 6243: Applied Univariate Statistics   2
Measurement Issues
• What is measurement?
– Mapping from one set to another
– Involves instruments and attributes
• Attributes of good measures
– Reliability
– Validity
– Comparability
– Objectivity
– Quantifiability
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Types of Variables
• Categorical/Nominal
– Values have no intrinsic meaning (e.g., 1=Democrat;
0=Republican)
• Ordinal
– Rank ordering (e.g., “seed” in Wimbledon)
• Interval
– Equal distance in scales means equal distance in
property being measured (e.g., years, grades)
• Ratio
– Values represent equal amounts from an absolute
zero (e.g., height, weight etc.)
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Inferential Statistics

Population                                      Sample

Population parameters                     Sample statistics
μ                                   x
σ                                   s
σ2                                  s2
ρ                                   r

• More random the sample, more generalizable the results
• Larger the sample, more precise the estimate of the population parameter
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Modeling Issues
• What is a model?
• Fit: Statistical model represents observed
data well
• Abundance of linear models
• Models: Relations among variables
– Magnitude of effect (strength -> part of overall
available differentiation that is common)
– Significance of effect (sample size)
BAD 6243: Applied Univariate Statistics   6

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