Business Statistics – Meaning and Importance

Business Statistics refers to the application of statistical tools and techniques to business and managerial problems for the purpose of decision making. What is Statistics ? Statistics is simply the study of numerical data, facts, figures and measurements. Statistics is used to convert raw numerical data into useful information for relevant users. According to Bowley, “Statistics is a science of […]

Read more

Business Statistics Formula – Cheat Sheet / Handbook

Business Statistics Formula Handbook Table of Contents Measures of Central Tendency Measures of Dispersion Correlation Regression Sampling Test of Hypothesis Chi-Square Test Index Numbers Interpolation Extrapolation Measures of Central Tendency – MEAN, MEDIAN, MODE MEAN – It is the average of a given set of observation. Ungrouped data Grouped data Direct Method: Shortcut Method: Combined Mean:   MEDIAN – It is the […]

Read more

Sampling Theory, Sampling Errors, Types of Sampling

Sampling is simply a process for obtaining relevant information and making inferences about a population by analysing a small group of people within the population for the purpose of a research. It essentially involves selecting a small portion from the aggregate or total population and examining that portion in order to draw inferences about the total population. Population or Universe – […]

Read more

Sampling Methods/Techniques of Sampling

Sampling methods can be categorised into two types of sampling: Probability Sampling – In this sampling method the probability of each item in the universe to get selected for research is the same. Hence the sample collected through this method is totally random in nature. Therefore it is also known as Random Sampling. Non-Probability Sampling – In this sampling method […]

Read more