About This Chapter
Basic Statistical Analysis for Business - Chapter Summary
Expert instructors in this chapter offer a quality overview of basic statistical analysis for business. Review lessons in this chapter from your home computer, smartphone or tablet to gain greater insight into various mathematical definitions and calculations. Refresh your understanding of standard deviation, probability, statistical significance and averages. Also, take a closer look at percentiles in a data set, index numbers in statistics and expected value in probability.
Upon completion of this chapter, you should have a complete understanding of basic statistical analysis for business and feel confident in your ability to:
- Calculate mean, median, mode, range and the standard deviation
- Find the probability of simple, compound, complementary, independent and dependent events
- Define and calculate statistical significance
- Share the definition and formula for expected value in probability
- Demonstrate your comprehension of normal distribution and shifts in the mean
- Identify and calculate averages, and find percentiles in a data set
- Explain the uses of index numbers in statistics
Access the lessons in this chapter as fun videos or full transcripts with helpful vocabulary words. Review the lessons in any sequence you desire and as often as needed until you comprehend the materials. Take the quiz with each lesson to gauge your knowledge of basic statistical analysis. A chapter exam is also available to reinforce concepts covered in the lessons. If there are any topics in this chapter for which you'd like additional details, feel free to submit questions to our experts.
1. How to Calculate Mean, Median, Mode & Range
Measures of central tendency can provide valuable information about a set of data. In this lesson, explore how to calculate the mean, median, mode and range of any given data set.
2. Calculating the Standard Deviation
In this lesson, we will examine the meaning and process of calculating the standard deviation of a data set. Standard deviation can help to determine if the data set is a normal distribution.
3. Probability of Simple, Compound and Complementary Events
Simple, compound, and complementary events are different types of probabilities. Each of these probabilities are calculated in a slightly different fashion. In this lesson, we will look at some real world examples of these different forms of probability.
4. Probability of Independent and Dependent Events
Sometimes probabilities need to be calculated when more than one event occurs. These types of compound events are called independent and dependent events. Through this lesson, we will look at some real-world examples of how to calculate these probabilities.
5. Statistical Significance: Definition & Calculation
Watch this video lesson to learn about statistical significance, and how it relates to surveys and other real world events. Also, learn how it is calculated, and how you can describe it to others.
6. Expected Value in Probability: Definition & Formula
After watching this video lesson, you will understand what expected value means. You will learn how to use this value to decide whether a certain action is worth taking or not.
7. Normal Distribution & Shifts in the Mean
In this video lesson, you will see what a normal distribution looks like and you will learn about the mean of a normal distribution. You will also see what happens when the mean is shifted.
8. Identifying & Calculating Averages
After watching this video lesson, you will be able to calculate any kind of average, even the average of certain events when some events repeat. Learn the general formula to use to calculate any average.
9. Finding Percentiles in a Data Set: Formula & Examples
Percentiles are often used in academics to compare student scores. Finding percentiles in a data set can be a useful way to organize and compare numbers in a data set.
10. Index Numbers in Statistics: Uses & Examples
Watch this video lesson to learn what index numbers are. Learn how useful this statistical number is in the real world. You will also see some index numbers that we use and probably hear every day.
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Other chapters within the GACE Business Education (542): Practice & Study Guide course
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