ISTANBUL STOCK EXCHANGE FELL 6 POINTS IN AVERAGE TODAY

THE CONSUMER PRICE INDEX ROSE BY 0,5 PERCENT LAST MONTH

THE LATEST SURVEY INDICATES THAT THE PRESIDENT`S APPROVAL RATING

NOW STANDS AT 60 PERCENT

THE PRICE OF KOC HOLDING STOCK WILL BE HIGHER IN SIX MONTH THAN IT IS NOW

THE PRICE OF KOC HOLDING STOCK IS LIKELY TO BE HIGHER IN SIX MONTH THAN IT IS NOW

STATISTICAL THINKING

We may select some of professional groups why they need to have statistical thinking

- Accountants may need to select samples for auditing purposes

- Financial investors use statistics to understand the market`s fluctuations and to choose between various portfolioinvestments.

- Managers want to know if customers are satisfied with their company`s products or services

THE STAGES FOR STATISTICAL THINKING ARE:

1- DEFINE THE PROBLEM

2- DETERMINE WHAT DATA IS NEEDED

3- SELECT A SAMPLE

4- COLLECT DATA

5- SUMMARIZE AND ANALYZE DATA

6- MAKE INFERENCES AND DECISIONS BASED ON INFORMATION

The Journey to Making Decisions

Begin Here:Identify the

ProblemDATADATA

INFORMATION

KNOWLEDGE

DECISIONMAKING

Descriptive Statistics, Probability, Computers

Experience, Theory, Literature

Inferential Statistics, Computers

DATA: Specific observations of measured numbers.

INFORMATION: Processed and summarized data yielding facts and ideas.

KNOWLEDGE:Selected and organized information that providesunderstanding, recommendations, andthe basis for decisions.

Descriptive Statistics include graphical and numerical procedures that summarize and process data and are used

to transform data into information

Descriptive Statistics include graphical and numerical procedures that summarize and process data and are used

to transform data into information

Inferential Statistics provide the bases for predictions, forecasts, and estimates that are to transform information to knowledge

Descriptive Statistics include graphical and numerical procedures that summarize and process data and are used

to transform data into information

Descriptive Statistics include graphical and numerical procedures that summarize and process data and are used

to transform data into information

USA UK ARGENTINA TURKEY

Average 3,3 2,7 2,8 3,9

Maximum 4,5 4,4 11,9 8,9

Minimum 0,8 0,2 -10,9 -7,5

Standard Error

1,2 1,0 6,7 5,8

Source: World Development Indicators (WDI) 2006 CD-ROM

Comparison of the Growth Rates (1992-2005) %

POPULATION: A complete set of individuals, objects or

measurements having common observable characteristics.

Examples of Populations

- Names of all registered voters in TURKEY

- Incomes of all families living in ANKARA

- Annual return of all stocks traded on the ISTANBUL STOCK EXCHANGE

- Grade Point Averages of all the students in your University - BILKENT

SAMPLE: A subset or part of a population

Examples of Samples

- Names of 50.000 registered voters in TURKEY

- Incomes of 10.000 families living in ANKARA

- Annual return of 150 stocks traded on the ISTANBUL STOCK EXCHANGE

- Grade Point Averages of 500 students from different departments in your University - BILKENT

n: Sample

n: Sample

N: POPULATION

n: Sample