>Big Data:The Management Revolution “You can't manage what you don't measure.” Source:Harvard Business Review,Oct.2012. >Big Data:The next frontier for innovation,competition,and productivity Source:McKinsey Global Institute,May.2011 Statistics for Managers Using Microsoft Excel Chap1-3
Big Data: The Management Big Data: The Management Revolution “You can You can’t manage what you don t manage what you don’t measure t measure.” Source：Harvard Business Review, Oct.2012. Big Data: The next frontier for innovation competition and innovation, competition, and productivity Statistics for Managers Using Microsoft Excel Chap 1-3 Source: McKinsey Global Institute, May.2011
Discussion question: Why Collect Data and How? Statistics for Managers Using Microsoft Excel Chap1-4
Discussion question: Why Collect Data and How? Why Collect Data and How? Statistics for Managers Using Microsoft Excel Chap 1-4
>Make a bet Me:there are at least two of you has the same birthday (same day,not considering year). You:? Statistics for Managers Using Microsoft Excel Chap 1-5
Make a bet Me: there are at least two of you has Me: there are at least two of you has the same birthday (same day, not considering year) considering year). You: ?? Statistics for Managers Using Microsoft Excel Chap 1-5
Explanation >Probability:mutually exclusive P(A)=1-P(A) >Independent event:the probability of all of the events occurring is equal to a product of the probabilities of each of the events occurring P团.=lx0-3G5xl-6xXl-36 365×364×.×(365-n+1) 365” 365 3651 n 365"(365-n)！ 365m Statistics for Managers Using Microsoft Excel Chap 1-6
Explanation Probability: mutually exclusive Id d t t th b bilit f ll f th PA PA () 1 () Independent event: the probability of all of the events occurring is equal to a product of the prob biliti f h f th t i babilities of each of the events occurring 12 1 ( ) 1 (1 ) (1 ) (1 ) 365 365 365 n n P A 365 365 365 365 364 (365 1) = 365n n 365 ! 365! = ( ) n n n n Statistics for Managers Using Microsoft Excel Chap 1-6 365 (365 )! 365 n n n
>99%probability is reached with just 57 people,and 50%probability with 23 people These conclusions are based on the assumption that each day of the year (except February 29)is equally probable for a birthday >Real-life birthday distributions are not uniform since not all dates are equally likely Statistics for Managers Using Microsoft Excel Chap 1-7
99% probability is reached with just 57 people, and 50% probability with 23 people. These conclusions are based on the assumption that each day of the year (except assumption that each day of the year (except February 29) is equally probable for a birthday R l ea -lif bi thd di t ib ti t life birthday distributions are not uniform since not all dates are equally likely Statistics for Managers Using Microsoft Excel Chap 1-7