Slide 1So, what is the value of studying statistics?One More Reason – to Avoid Saying Silly ThingsDoes Youth Have an Advantage in the Job Market?Probably NotSlide 6Slide 7Slide 8Slide 9Slide 10Slide 11Slide 12Slide 13The College ExperienceWhat is the Value of Studying Statistics?http://www.youtube.com/watch?v=9QBv2CFTSWU&feature=player_embeddedSo, what is the value of studying statistics?•It provides a way of seeing information that may be hidden in the details of very large numbers.•It makes relationships more obvious so that they can be used in decision-making.•It provides a way of comparing across groups, situations, and time.•It gives you more control of your life by giving you information needed to make decisions.One More Reason – to Avoid Saying Silly Things•“My local newspaper is trying to make a big deal out of the fact there was a 1.5% absentee rate for teachers on the first day of school. That doesn’t seem so bad to me.”•“I handled a grievance where the school administrators were livid that 40% of the time teachers called in sick were on Fridays and Mondays. Their position was that teachers were lazy and goof off all the time.”–40% of the work days are Mondays and Fridays.Does Youth Have an Advantage in the Job Market?Probably Nothttp://manyeyes.alphaworks.ibm.com/manyeyes/visualizations/unemployment-rates-by-age-sex-and-maSource: http://www.bls.gov/data/U.S. unemployment rate = 9.6% in August, 2010; 12.6% for Los Angeles County, 14.2% for San Bernardino County, 15.3% for Riverside countyWhy it will take a while for recovery, despite decreases in the unemploymnet rate.$50,856California unemployment rate = 12.1% in July 2009.The College ExperienceBefore agreeing to work an extra 10 hours per week for extra spending money and replacing 10 hours of studying, compare the hourly pay of the job with the lifetime value of studying. $8/ hour x 10 hours = $80---------or---------$555/hour x 10 hours =