BUSINESS MATH (STATISTICS)

WHAT IS STATISTICS?

• branch of applied mathematics that involves the collection, description, analysis, and inference of conclusions from quantitative data.

• virtually all scientific disciplines such as the physical and social sciences, as well as in business, the humanities, government, and manufacturing

• branch of applied mathematics that developed from the application of mathematical tools including calculus and linear algebra to probability theory.

TWO MAJOR AREAS OF STATISTICS?

• variance and skewness

• central tendency and variability

• descriptive and Inferential

What is central tendency?

• the estimate of the characteristics, a typical element of a sample or population, and includes descriptive statistics such as mean, median, and mode

• measurements are simply labels or categories assigned to other variables. It's easiest to think of nominal level measurements as non-numerical facts about a variable.

• tools that statisticians use to draw conclusions about the characteristics of a population, drawn from the characteristics of a sample, and to decide how certain they can be of the reliability of those conclusions

What are the statistic level of measurements?

• accounting, human resources, and information technology

• nominal, ordinal, interval and ratio

• simple, stratified and cluster

Statistics sampling technique?

• nominal. ordinal, interval and ratio

• investing, economics, marketing

• simple, systematic, stratified, and cluster

Examples of Statistics?

• simple, stratified, systematic, and cluster

• investing, human resources, and marketing

• nominal, ordinal, interval, and ratio