What is Business Statistics? ... Business statistics takes the data analysis tools from elementary statistics and applies them to business. For ...ShareonStatisticsDefinitions>BusinessStatisticsWhatisBusinessStatistics?Businessstatisticstakesthedataanalysistoolsfromelementarystatisticsandappliesthemtobusiness.Forexample,estimatingtheprobabilityofadefectcomingoffafactoryline,orseeingwheresalesareheadedinthefuture.Manyofthetoolsusedinbusinessstatisticsarebuiltononesyou’veprobablyalreadycomeacrossinbasicmath:mean,modeandmedian,bargraphsandthebellcurve,andbasicprobability.Hypothesistesting(whereyoutestoutanidea)andregressionanalysis(fittingdatatoanequation)buildsonthisfoundation.Basically,thecourseisgoingtobepracticallyidenticaltoanelementarystatisticscourse.Therewillbeslightdifferences.Thequestionswillhaveabusinessfeel,asopposedtoquestionsaboutmedicine,socialsciencesorothernon-businesssubjects.Datasampleswilllikelybebusiness-oriented.Somesubjectsusuallyfoundinabasicstatscourse(likemultipleregression)mightbedownplayedoromittedentirelyinfavorofmoreanalysisofbusinessdata.StLouisUniversityliststhefollowingtopicsasbeingincludedintheirBusinessStatisticscourse.Thelistisfairlytypicalofthetopicsusuallycovered.I’veboldedtheitemsuniquetobusinessstatistics.Introductiontodescriptivestatisticsfordisplayingandsummarizingbusinessdata.Theuseofprobabilitiesandrandomvariablesinbusinessdecisionmodels.Probabilitydistribution.Statisticalinferenceasadecision-makingtool.Samplingofbusinessdata.Simplelinearregressionandcorrelation.Timeseriesanalysis.Useofindexnumbersineconomicdata.1.DescribingPopulationsandSamples.TheprocessofdescribingpopulationsandsamplesiscalledDescriptiveStatistics.Apopulationincludeseveryoneintheareaofinterest.Forexample,everypersonintheUnitedStates,everydogownerinFlorida,oreverycomputeruserintheworld.Asampleisasmallpieceofthewhole(i.e.1000peopleintheUnitedStates,250Floridiandogowners,2500worldwidecomputerusers).Therearethreemainwaystodescribepopulationsandsamples:centralt

BUS204: Business Statistics · Unit 1: Introduction to Statistical Analysis · Unit 2: Counting, Probability, and Probability Distributions · Unit 3: The Normal Distribution.SkiptomaincontentSidepanelCoursesProgramsHelpGettingStartedDiscussionForumsHelpCenter&FAQLoginorSignupCoursesProgramsHelpGettingStartedDiscussionForumsHelpCenter&FAQBUS204:BusinessStatisticsSectionsCourseIntroductionUnit1:IntroductiontoStatisticalAnalysisUnit2:Counting,Probability,andProbabilityDistributionsUnit3:TheNormalDistributionUnit4:SamplingandSamplingDistributionsUnit5:EstimationandHypothesisTestingUnit6:CorrelationandRegressionStudyGuideCourseFeedbackSurveyCertificateFinalExamSaylorDirectCreditResourcesActivitiesQuizzesHomeAboutSaylorAcademyBlogCollegeCreditPartnersLoginorSignuptotrackyourcourseprogress,gainaccesstofinalexams,andgetafreecertificateofcompletion!CourseIntroductionTime:53hoursCollegeCreditRecommendedFreeCertificateThiscoursewillintroduceyoutobusinessstatistics,ortheapplicationofstatisticsintheworkplace.Statisticsishowwegather,analyze,andinterpretdata.Ifyouhavetakenastatisticscourseinthepast,youmayfindsomeofthetopicsinthiscoursefamiliar.Youcanapplystatisticstoanynumberoffields,fromanthropologytohedgefundmanagement,becausemanyofusinterpretdatabestwhenitispresentedinanorganizedfashion.Here,wewilllookatsummarystatistics,whichgiveanoverviewofadataset,suchastheaveragescoreonanexam.However,theaveragedoesnotalwaystelltheentirestory;sincehalfofthestudentscouldhavegotten100ontheexam,andtheotherhalfgotten60.Usingstatistics,wecanlearnalotmoreabouthowdataisorganized.Todothat,wewillusestatisticaltoolstoanalyzedata,drawconclusions,andmakepredictionsofthefuture.Thecoursewillbeginwithdatadistributions,followedbyprobabilityanalysis,sampling,hypothesistesting,inferentialstatistics,andregression.First,readthecoursesyllabus.Then,enrollinthecoursebyclicking"Enrollmeinthiscourse".ClickUnit1toreaditsintroductionandlearningoutcomes.Youwillthenseethelearningmaterialsandinstructionsonhowtousethem.Cour

The Business Statistics and Analysis Specialization is designed to equip you with a basic understanding of business data analysis tools and techniques. You'll ...ListBrowseDataScienceProbabilityandStatisticsBusinessStatisticsandAnalysisSpecializationBuildDataAnalysisandBusinessModelingSkills.Gaintheabilitytoapplystatisticsanddataanalysistoolstovariousbusinessapplications.FilledStarFilledStarFilledStarFilledStarHalfFadedStar4.7stars6,085ratingsSharadBorle  EnrollforFreeStartsJun2358,183alreadyenrolledOfferedByAboutHowItWorksCoursesInstructorsEnrollmentOptionsFAQBusinessStatisticsandAnalysisSpecializationRiceUniversityAboutHowItWorksCoursesInstructorsEnrollmentOptionsFAQSkillsyouwillgainMicrosoftExcelLinearRegressionStatisticalHypothesisTestingLookupTableDataAnalysisPivotTableStatisticsStatisticalAnalysisNormalDistributionPoissonDistributionLog–LogPlotInteraction(Statistics)AboutthisSpecialization22,721recentviewsTheBusinessStatisticsandAnalysisSpecializationisdesignedtoequipyouwithabasicunderstandingofbusinessdataanalysistoolsandtechniques.You’llmasteressentialspreadsheetfunctions,builddescriptivebusinessdatameasures,anddevelopyouraptitudefordatamodeling.You’llalsoexplorebasicprobabilityconcepts,includingmeasuringandmodelinguncertainty,andyou’llusevariousdatadistributions,alongwiththeLinearRegressionModel,toanalyzeandinformbusinessdecisions.TheSpecializationculminateswithaCapstoneProjectinwhichyou’llapplytheskillsandknowledgeyou’vegainedtoanactualbusinessproblem.Tosuccessfullycompleteallcourseassignments,studentsmusthaveaccesstoaWindowsversionofMicrosoftExcel2010orlater.ToseeanoverviewvideoforthisSpecialization,clickhere!DirectionSignsLearnerCareerOutcomes50%Startedanewcareeraftercompletingthisspecialization.11%Gotapayincreaseorpromotion.ShareableCertificateShareableCertificateEarnaCertificateuponcompletion100%onlinecourses100%onlinecoursesStartinstantlyandlearnatyourownschedule.FlexibleScheduleFlexibleScheduleSetandmaintainflexibledeadlines.BeginnerLevelBeginnerLeve

Statistics make it possible to analyze real-world business problems with actual data so that you can determine if a marketing strategy is really working, how much ...

... business, psychology, education, biology, law, computer science, police science, and early childhood development require at least one course in statistics​.SkiptoContentGotoaccessibilitypageIntroductoryBusinessStatisticsIntroductionIntroductoryBusinessStatisticsIntroductionMyhighlightsPrintTableofcontentsTableofcontentsPreface1SamplingandDataIntroduction1.1DefinitionsofStatistics,Probability,andKeyTerms1.2Data,Sampling,andVariationinDataandSampling1.3LevelsofMeasurement1.4ExperimentalDesignandEthicsKeyTermsChapterReviewHomeworkReferencesSolutions2DescriptiveStatisticsIntroduction2.1DisplayData2.2MeasuresoftheLocationoftheData2.3MeasuresoftheCenteroftheData2.4SigmaNotationandCalculatingtheArithmeticMean2.5GeometricMean2.6SkewnessandtheMean,Median,andMode2.7MeasuresoftheSpreadoftheDataKeyTermsChapterReviewFormulaReviewPracticeHomeworkBringingItTogether:HomeworkReferencesSolutions3ProbabilityTopicsIntroduction3.1Terminology3.2IndependentandMutuallyExclusiveEvents3.3TwoBasicRulesofProbability3.4ContingencyTablesandProbabilityTrees3.5VennDiagramsKeyTermsChapterReviewFormulaReviewPracticeBringingItTogether:PracticeHomeworkBringingItTogether:HomeworkReferencesSolutions4DiscreteRandomVariablesIntroduction4.1HypergeometricDistribution4.2BinomialDistribution4.3GeometricDistribution4.4PoissonDistributionKeyTermsChapterReviewFormulaReviewPracticeHomeworkReferencesSolutions5ContinuousRandomVariablesIntroduction5.1PropertiesofContinuousProbabilityDensityFunctions5.2TheUniformDistribution5.3TheExponentialDistributionKeyTermsChapterReviewFormulaReviewPracticeHomeworkReferencesSolutions6TheNormalDistributionIntroduction6.1TheStandardNormalDistribution6.2UsingtheNormalDistribution6.3EstimatingtheBinomialwiththeNormalDistributionKeyTermsChapterReviewFormulaReviewPracticeHomeworkReferencesSolutions7TheCentralLimitTheoremIntroduction7.1TheCentralLimitTheoremforSampleMeans7.2UsingtheCentralLimitTheorem7.3TheCentralLimitTheoremforProportions7.4FinitePopulationCorrectionFactorKeyTermsC

The most common averages used in statistics are the arithmetic mean, the median, and the mode. Each describes the middle of a dataset in different ways. The ...SkiptomaincontentSidepanelCoursesProgramsHelpGettingStartedDiscussionForumsHelpCenter&FAQLoginorSignupCoursesProgramsHelpGettingStartedDiscussionForumsHelpCenter&FAQBUS204:BusinessStatisticsSectionsCourseIntroductionUnit1:IntroductiontoStatisticalAnalysisUnit2:Counting,Probability,andProbabilityDistributionsUnit3:TheNormalDistributionUnit4:SamplingandSamplingDistributionsUnit5:EstimationandHypothesisTestingUnit6:CorrelationandRegressionStudyGuideCourseFeedbackSurveyCertificateFinalExamSaylorDirectCreditResourcesActivitiesQuizzesHomeAboutSaylorAcademyBlogCollegeCreditPartnersLoginorSignuptotrackyourcourseprogress,gainaccesstofinalexams,andgetafreecertificateofcompletion!Unit1:IntroductiontoStatisticalAnalysisEvenifyouhaven'ttakenastatisticscoursebefore,youarealreadyfamiliarwiththefundamentalsofstatisticsfromyoureverydaylife.Forinstance,youalreadyknowthatthemajorityofadultmaleshavethesameshoesize(whichisveryclosetotheaveragesize),andthatthereareafewadultmalesonbothsidesoftheaveragewhohavesmallerorlargershoesizes.Instatistics,wecallthisphenomenonthe"normaldistribution".Thisunitwillintroduceyoutostatisticalanalysisandhowitrelatestobusiness.Forexample,youmaybeinterestedinlearningabouttheaveragepriceofa50-inchTVbygatheringpricedatafrom30differentstores.Youwouldthentakeyour30pricesandcomputetheaverageprice.Giventhefactthattherearethousandsofstoresthataresellingthatparticularproduct,thenextquestioninstatisticsis:areyouconfidentenoughtosaythatyourcomputedaverageisreflectiveoftherealaveragethatyouwouldgetifyoulookedatthepriceforthatTVateverypossiblestore?Youareprobablyfamiliarwiththeaverageofadataset.Inthiscourse,wewillrefertowhatmostpeoplecalltheaverageasthe"arithmeticmean".Theaverageisactuallyanysinglevalueusedtodescribethemiddleofadataset.Themostcommonaveragesusedinstatisticsarethearithmeticmean,themedian,andthemode

SkiptomaincontentHome/Blog/Articles/WhatIsBusinessStatistics?DefinitionsandReal-WorldApplicationsWhatIsBusinessStatistics?DefinitionsandReal-WorldApplicationsViewallblogpostsunderArticles|ViewallblogpostsunderBachelorofScienceBusinessAdministration ArecentsurveyreportedintheinvestmentnewssourceSharesPostfound95%ofbusinesses“facesomekindofneedtomanageunstructureddata,withover40%ofbusinessessayingtheymustdosoonafrequentbasis.”Thesestatisticsdemonstratethatbusinessesneedprofessionalswhocananalyzeandinterpretstatisticstoprovidebusinessinsights.Anorganization’simplementationofbusinessstatisticscanenableittogrowfinanciallyandremaincompetitive.Professionalswithadegreeinbusinessadministrationcanusetheconceptsofbusinessstatisticstointerpretdatatopromoteoverallorganizationalhealthandgrowth.     DefiningBusinessStatisticsWhatisbusinessstatistics?Itistheprocessofanalyzing,categorizing,interpretingandcompilingdata.Businessadministrativeprofessionalsmakeinferencesfromthesedatasetsregardingproducts,marketsandconsumerstohelporganizationsmakeinformeddecisions.Variousstatisticalmodelscanthenbederivedfromthisdatatointerprettrendsandgaininsights.Byinterpretingtheresultsofstatisticalmodeling,businessadministrativeprofessionalsprovidetheirorganizationwithcriticalinsightsintothecurrenthealthofthecompany.Moreover,theycanusestatisticstoanticipatethefuturegrowthofthebusiness,aconceptknownasinferentialstatistics.Byanalyzingstatisticalmodels,businessstatisticsexpertscandiscernoperationalandconsumertrendsthatareimpactingthemarket.Professionalswhounderstandandcanapplythisinformationtoreal-worldsituationscanprovideanorganizationwithinsightsthatcanleadtocompetitiveadvantages.Furthermore,thisdatacanbeusedtoguideanorganizationtoaccomplishbusinessgoals,whichpositivelyaffectstheirkeyperformanceindicators(KPIs).ConceptsinBusinessStatisticsThetwomajordisciplinesofstatisticsare“descriptive”and“inferential.”Descriptivestatisticsisdefinedasthe“measuresofcentraltendencyandmeasuresofvariability(spread),”acco