About This Chapter
Computation & Quantitative Analysis in Business - Chapter Summary
Use this chapter to strengthen your knowledge of the definitions and formulas associated with computation and quantitative analysis. Lessons closely examine probability, various types of events, data, tables, graphs and more associated with this mathematical concept. Review the lessons in any sequence and as often as needed to strengthen your understanding. In no time, you will be prepared to:
- Calculate the standard deviation and statistical significance
- Describe the probability of simple, compound, complementary, independent and dependent events
- Define expected value in probability and normal distribution and shifts in the mean
- Identify and calculate averages, and find percentiles in a data set
- Summarize categorical data using tables, and calculate percent increase with relative and cumulative frequency tables
- Understand bar graphs, pie charts and the two-way table
- Make estimates and predictions from categorical data and using quantitative data
Lessons in this chapter are available in two formats: videos and full transcripts. Videos average about 10 minutes each and present information with help from fun visual effects. Full transcripts offer helpful vocabulary words designed to enhance your computation and quantitative analysis knowledge. Assess your understanding of these lessons by taking short multiple-choice quizzes and a practice chapter exam. If you have questions about topics covered in the lessons, feel free to submit them to our experts.
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. Summarizing Categorical Data using Tables
Watch this video lesson to find out why data tables are an excellent way to summarize your categorical data. Learn what you need to do to your data before constructing a table and the two ways you can show your data.
10. How to Calculate Percent Increase with Relative & Cumulative Frequency Tables
In statistics, one way to describe and analyze data is by using frequency tables. This lesson will discuss relative and cumulative frequencies and how to calculate percent increase using these two methods.
11. Understanding Bar Graphs and Pie Charts
In this lesson, we will examine two of the most widely used types of graphs: bar graphs and pie charts. These two graphs can provide the reader with a comparison of the different data that is displayed.
12. What is a Two-Way Table?
Do you believe in Martians? Do you watch football on television? A Two-Way Table or Contingency Table is a great way to show the results of all kinds of survey questions. In this video we will learn how to read a two-way table.
13. Make Estimates and Predictions from Categorical Data
Categorical data can be estimated but not predicted. Learn why in this video lesson along with how to read and gather information from a bar graph of categorical data.
14. Making Estimates and Predictions using Quantitative Data
Watch this video lesson to learn how you can read a scatter plot to learn more about a particular situation. Also learn how you can make estimates within the range of data you have and predict what may happen outside the range of data.
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Other chapters within the NES Business Education (309): Practice & Study Guide course
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- Business Law & Ethics
- Government Regulations for Consumer Protection
- Taxation for Corporations
- Business Accounting Overview
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- Consumer Credit
- Personal Insurance Coverage
- Microeconomics Concepts & Laws
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- Macroeconomics Principles for Business
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- Fundamentals of E-commerce
- Entrepreneurship & Business Plans
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- Business Software
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