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Ch 1: Introduction to Business Statistics

About This Chapter

If you need to improve your knowledge of statistical analysis in business, look no further than these informative lessons. They can help you quickly review statistical topics in preparation for an exam, get help with homework or boost your overall understanding of business statistics.

Introduction to Business Statistics - Chapter Summary

There are many ways businesses use statistical analysis when making decisions. The lessons in this chapter provide an overview of these uses and introduce key statistics fundamentals. They explain how statistics are applied in business and detail some different types of statistical variables. These lessons quickly cover important concepts in an easy-to-follow way. They also include interactive quizzes to help you make sure you understood key points. The lessons can be accessed 24/7 on a computer, tablet or smartphone. Once you have completed this chapter, you should be able to:

  • Differentiate between descriptive and inferential statistics
  • Explain the purpose of statistical models
  • Define bivariate data
  • Compare and contrast qualitative and quantitative variables in statistics
  • List types of random variables
  • Share examples of bias and misleading uses of statistics
  • Discuss differences between nominal, ordinal, interval and ratio measurements
  • Describe the role of computer software in statistical analysis
  • Outline ways to use formulas and functions in Excel

11 Lessons in Chapter 1: Introduction to Business Statistics
Test your knowledge with a 30-question chapter practice test
Application of Statistics in Business

1. Application of Statistics in Business

Statistics is used every day in business. This lesson describes some of the more popular applications to business statistics and provides real life examples of how it is used. Key vocabulary and terminology will also be discussed.

Qualitative & Quantitative Variables in Statistics

2. Qualitative & Quantitative Variables in Statistics

Variables are assigned as a form of statistical measurement. The value of that measurement can take the form of anything from descriptions to numbers. In this lesson, we will discuss the difference between qualitative and quantitative variables.

Descriptive & Inferential Statistics: Definition, Differences & Examples

3. Descriptive & Inferential Statistics: Definition, Differences & Examples

Descriptive and inferential statistics each give different insights into the nature of the data gathered. One alone cannot give the whole picture. Together, they provide a powerful tool for both description and prediction.

The Purpose of Statistical Models

4. The Purpose of Statistical Models

Understanding statistics requires that you understand statistical models. This lesson will help you understand the purpose of statistics, statistical models, and types of variables.

What is Bivariate Data? - Definition & Examples

5. What is Bivariate Data? - Definition & Examples

In this lesson, you will be learning about the definition and uses of bivariate data. We will also compare and contrast the characteristics of univariate data and bivariate data.

Nominal, Ordinal, Interval & Ratio Measurements: Definition & Examples

6. Nominal, Ordinal, Interval & Ratio Measurements: Definition & Examples

Different types of data can be grouped and measured in different ways. In this lesson, you will learn about nominal, ordinal, interval, and ratio measurements.

Random Variables: Definition, Types & Examples

7. Random Variables: Definition, Types & Examples

This lesson defines the term random variables in the context of probability. You'll learn about certain properties of random variables and the different types of random variables.

Bias in Statistics: Definition & Examples

8. Bias in Statistics: Definition & Examples

Statistics can be a powerful tool in research. Unfortunately, statistics can also have faults. In this lesson, you will learn about the faults in statistics and how to critically examine potential biases in research.

Misleading Uses of Statistics

9. Misleading Uses of Statistics

It can be too easy to present statistics in a way that is misleading. This lesson will cover the ways in which a statistic can be misleading and how to avoid and identify misleading statistics.

Computer Software in Statistical Analysis: Role & Examples

10. Computer Software in Statistical Analysis: Role & Examples

Making sense out of piles of research data can be a daunting prospect. This lesson looks at the computer software available to conduct analyses of research results.

How to Use Formulas & Functions in Excel

11. How to Use Formulas & Functions in Excel

When you need Excel to do the math for you and run the calculations for totals and subtotals, formulas are your go-to feature. This lesson will introduce you to formulas, how they work and the different elements that make up a formula in Excel.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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