Title: Business Statistics: Definition, Step by Step Articles, Videos - Statistics How To
Headings: Business Statistics: Definition, Step by Step Articles, Videos
Business Statistics: Definition, Step by Step Articles, Videos
What is Business Statistics?
1. Describing Populations and Samples.
2. Probabilities and Random Variables.
3. Probability Distributions.
4. Inferential Statistics.
5. Sampling of business data.
6. Simple linear regression and correlation.
7. Time series analysis.
8. Use of index numbers in economic data.
Related Articles

Content: With parameter estimation, you take a sample of data (say, 100 out of 1,000) and find a statistic. Let’s say you find the average salary of 100 workers is $20 per hour. You take that statistic ($20 per hour) and infer that the population of 1,000 probably has a salary of about $20. It might not be exactly $20, but it’s probably going to be close, around $19 to $21. The range is called a confidence interval. This interval is part of the results you get from a hypothesis test. The Hypothesis Test. If you’re in business, you might come up with some good ideas about how to improve sales or other metrics. For example, you might think that your average customer is older than average, or that placing certain products at the front of the store can raise the bottom line. These guesses are just shots in the dark without some hard data to back them up.