Question

Mean. Range,correlation, exclusive, experiment,frequency, independent, relative, variation, trial ow this words in statistics are relataed to Bussiness Management write a 250 word paragraph

Answer 1

Business management can relate many ways to statistics. It 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 (where the use of trial values)and normal distributions, test of hypotheses and confidence intervals(range), linear regression, and correlation. This hypothesis includes all the factors based on an experiment the testing is classified. It can be anything related to the mean, variance (if normal distribution) etc.

The independency of different data points and various factors may give information on how the testing, regression will be done. There might be cases where the data set might be correlated with one another hence the point of partial correlation. Say for example there can be test on the variation on the stock value on a yearly basis. We might need to check whether the difference is significant or not with the help of a hypothesis, depending on the assumptions we make. It can so happen that the data might be exclusive or not. It can be independent or not. The statistical models can have frequency-based information.