The formulas for finding the population mean and sample mean have slightly different symbols: It includes finding the mean, mode and median. In this area, you find where the bulk of the data lies. There are three main ways to describe populations and samples: central tendency, dispersion and association. 1000 people in the United States, 250 Floridian dog owners, 2500 worldwide computer users). A sample is a small piece of the whole (i.e. For example, every person in the United States, every dog owner in Florida, or every computer user in the world. A population includes everyone in the area of interest. The process of describing populations and samples is called Descriptive Statistics. Simple linear regression and correlation.Statistical inference as a decision-making tool.The use of probabilities and random variables in business decision models.Introduction to descriptive statistics for displaying and summarizing business data.I’ve bolded the items unique to business statistics. The list is fairly typical of the topics usually covered. St Louis University lists the following topics as being included in their Business Statistics course. Some subjects usually found in a basic stats course (like multiple regression) might be downplayed or omitted entirely in favor of more analysis of business data. Data samples will likely be business-oriented. The questions will have a business feel, as opposed to questions about medicine, social sciences or other non-business subjects. Hypothesis testing (where you test out an idea) and regression analysis (fitting data to an equation) builds on this foundation.īasically, the course is going to be practically identical to an elementary statistics course. Many of the tools used in business statistics are built on ones you’ve probably already come across in basic math: mean, mode and median, bar graphs and the bell curve, and basic probability. For example, estimating the probability of a defect coming off a factory line, or seeing where sales are headed in the future. Business statistics takes the data analysis tools from elementary statistics and applies them to business.
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