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Introduction to Statistical Analysis Statistics may appear to be a difficult, even scary, subject. You will find, however, that you are already familiar with the fundamentals of statistics from your life experience. For instance, from your experience, you know that the majority of adult males have the same shoe size, which is very close to the average size, and that there are a few adult males on both sides of the average small and large size.

In statistics, this phenomenon shown from the data pattern is said to be a variable that follows a normal distribution. This unit will provide an introduction to statistical analysis and how it relates to business. For example, you may be interested in learning about the average price of a inch digital TV by gathering the price for it from 30 different stores.

You take your 30 prices and compute the average price. Given the fact that there are thousands of stores that are selling that particular product, the next question in statistics is: Are you confident enough to say that your computed average is reflective of the real average that would be computing from all the existing prices for that TV sold at all stores?

You are probably familiar with the Business statistic of a data set. In Business statistic course, we will refer to what most people call the average as the arithmetic mean.

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Course: BUS Business Statistics |
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The average is actually any single value used to describe the middle of a data set. 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. For example, the median is the numeric value that separates the upper and lower half of a data set.

The mean is the sum of all values divided by the number of values.

The mode is the most common value within the dataset. In many instances, the median and the mean are similar, but this introductory unit will also identify many examples where it is not.

The distinction between summary statistics is important in business statistics. This unit will define various terms that you may not be familiar with, such as variance and outliers.

Understanding this vocabulary will be vital to the successful completion of this course. Completing this unit should take you approximately 7 hours. Counting, Probability, and Probability Distributions What is the likelihood that an event will occur?

Statistics is a versatile discipline that has revolutionized the fields of business, engineering, medicine and pure sciences. This course is Part 1 of a 4-part series on Business Statistics, and is ideal for learners who wish to enroll in business programs. This statistic shows the leading countries in offshore business services worldwide in Offshoring business services in Malaysia received an index score of for financial attractiveness. Statistics is used in several aspects of business, such as budgeting, tax preparation, proposals and data mining. The business statistics career field uses statistical techniques, such as data.

What are the chances that a given student will receive a score? By studying distributions of data, you can determine the probability that a certain event will occur.

By looking at the distribution of grades in a class, you can identify the probability that a student will receive between a 60 and The applications of probability in business are infinite; from predicting profits to determining the chances that a business model will affect regulation, businesses use probability to make decisions frequently.

Before you can focus on probability, you must first learn how to count. You already know how to count? Maybe - but in this unit you will learn techniques for counting the different ways that multiple events can occur together.

Completing this unit should take you approximately 19 hours. The Normal Distribution A distribution is a line graph representation of the probability that an event will occur. It is similar to a histogram, but in a distribution, the user does not determine the grouping; instead, data is grouped according to the likelihood that it will occur within the dataset.

Distributions also allow for analysis of a specific event, whereas a histogram requires events be grouped. An important type of this distribution is the "normal" distribution.

The normal distribution is used to approximate real-world occurrences. If you can make certain assumptions about the occurrence of an event, then you can use the normal distribution to find out the probabilities of that event occurring. Many of the events that are important to business can be approximated using the normal distribution.This statistic shows the leading countries in offshore business services worldwide in Offshoring business services in Malaysia received an index score of for financial attractiveness.

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 a company should charge for its products, or any of a million other practical questions.

The science of statistics uses regression. National Center for Health Statistics is the principal health statistics agency for improving the health of the American people. National Center for Science and Engineering Statistics publishes data on the American science and engineering workforce and the progress of science, technology, engineering, and mathematics (STEM) education in .

Stats for Stories: Mom and Pop Business Owners Day March 29, According to Statistics of U.S. Businesses, of the M firms in the U.S., 3,, have fewer than 5 . 3 festations. Boddington defined as: Statistics is the science of estimates and probabilities.

Further, W.I. King has defined Statistics in a wider context, the science of Statistics is the method of judging collective, natural or social phenomena from the results obtained by the analysis or enumeration or collection of estimates.

Statistics is used in several aspects of business, such as budgeting, tax preparation, proposals and data mining. The business statistics career field uses statistical techniques, such as data.

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