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Encyclopedia > Business statistics

Updated 547 days 12 hours 22 minutes ago.

Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement, and marketing research. These sources feature regular repetitive publication of series of data. This makes the topic of time series especially important for business statistics. It is also a branch of applied statistics working mostly on data collected as a by-product of doing business or by government agencies. It provides knowledge and skills to interpret and use statistical techniques in a variety of business applications. A typical business statistics course is intended for business majors, and covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and the binomial and normal distributions, test of hypotheses and confidence intervals, linear regression, and correlation. In statistics and signal processing, a time series is a sequence of data points, measured typically at successive times, spaced apart at uniform time intervals. ... Applied statistics is the use of statistics and statistical theory in real-life situations. ... [edit] See also Sampling Simple random sampling Systematic sampling Stratified sampling Cluster sampling Multistage sampling Nonprobability sampling Conjoint analysis Factor analysis Multidimensional scaling Discriminant analysis Cluster analysis Preference regression Logit analysis Intent scale translation Preference-rank translation Quantitative marketing research Statistical surveys Questionnaire construction Scales Experimental techniques Observational techniques Cross tab XbarR chart Six Sigma steps in statistical investigation: 1. collection 2. presentaion 3. analysis Sampling is that part of statistical practice concerned with the selection of individual observations intended to yield some knowledge about a population of concern, especially for the purposes of statistical inference. ... In statistics, a simple random sample from a population is a sample chosen randomly, in which each member of the population has the same probability of being chosen. ... Systematic sampling is the selection of every kth element from a sampling frame, where k, the sampling interval, is calculated as: k = Number in population / Number in sample Using this procedure each element in the population has a known and equal probability of selection. ... In statistics, stratified sampling is a method of sampling from a population. ... Cluster sampling is used when natural groupings are evident in the population. ... Multistage sampling is a complex form of cluster sampling. ... Sampling is the use of a subset of the population to represent the whole population. ... Conjoint analysis, also called multiattribute compositional models, is a statistical technique that originated in mathematical psychology. ... Factor analysis is a statistical technique that originated in psychometrics. ... For a general description, see Multidimensional scaling. ... Discriminant analysis is a statistical technique used in marketing and the social sciences. ... Cluster analysis is a class of statistical techniques that can be applied to data that exhibits “natural” groupings. ... Preference regression is a statistical technique used by marketers to determine consumers’ preferred core benefits. ... Logit analysis is a mathematical technique used by marketers to assess the scope of customer acceptance of a product, particularly a new product. ... Intent scale translation is a mathematical technique used by marketers to convert stated purchase intentions into purchase probabilities, that is, into an estimate of actual buying behaviour. ... Preference-rank translation is a mathematical technique used by marketers to convert stated preferences into purchase probabilities, that is, into an estimate of actual buying behaviour. ... Quantitative marketing research is a social research method that utilizes statistical techniques. ... Statistical surveys are used to collect quantitative information about items in a population. ... Questionnaires are frequently used in quantitative marketing research and social research in general. ... Scaling is the measurement of a variable in such a way that it can be expressed on a continuum. ... Experimental research designs are used for the controlled testing of causal processes. ... In marketing and the social sciences, observational research (or field research) is a social research technique that involves the direct observation of phenomena in their natural setting. ... Cross tabs (or cross tabulations) display the joint distribution of two or more variables. ... An XbarR chart is a specific member of a family of control charts. ... This article or section is not written in the formal tone expected of an encyclopedia article. ... Category: Business

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	Dr. Arsham's Statistics Site (15126 words) A typical Business Statistics course is intended for business majors, and covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and the binomial and normal distributions, test of hypotheses and confidence intervals, linear regression, and correlation. Statistics is a science of making decisions with respect to the characteristics of a group of persons or objects on the basis of numerical information obtained from a randomly selected sample of the group. Statistical inference refers to extending your knowledge obtained from a random sample from the entire population to the whole population. CCE: College Departments > > Business Statistics>  (204 words) Business Statistics consists of a body of analytical methods which have proven to be indispensable in the decision-making process. Important statistical activities ancillary to the decision-making process are the systematization of quantitative data and the measurement of variability. The Business Statistics major is designed to prepare graduates for careers in business, or government and for graduate work in statistical/quantitative methods.
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