Ch 62: PLACE Business Education: Basic Statistics for Business

About This Chapter

Refresh your memory of basic statistics used in business. Our video lessons provide a simple, effective way to quickly review what you need to know to answer business statistics questions on the PLACE Business Education test.

PLACE Business Education: Basic Statistics for Business - Chapter Summary

The lessons in this chapter help you re-familiarize yourself with the basic concepts of statistics for business, including key terms and calculation of statistics problems. The following topics will be covered in these lessons:

  • Calculating the standard deviation and statistical significance
  • Formula for expected value in probability
  • Identifying normal distribution and shifts in the mean
  • Determining averages
  • Percentiles in a data set
  • Index numbers in statistics

Our instructors break complicated subjects down into smaller chunks to make the content easier to grasp. Each video is less than 10 minutes long. You may watch the videos as often as necessary to be sure you fully understand the lesson materials. Read transcripts of the video lessons as an alternative learning resource.

PLACE Business Education: Basic Statistics for Business Chapter Objectives

The PLACE Business Education test is required by the state of Colorado for educators seeking their license to teach business in secondary school. The test covers broad concepts intended to reflect the knowledge an entry level teacher needs to teach business classes. Objectives are split into five categories, namely, business management and communication, economics and personal finance, technology and information systems, business education programs, and accounting, finance and business law. The topics in this chapter may be covered within the accounting, finance and business law section.

The test consists of 100 multiple-choice questions. Take our multiple choice lesson quizzes and chapter exam to help you prepare for the types of questions that you may find on the actual test.

9 Lessons in Chapter 62: PLACE Business Education: Basic Statistics for Business
Test your knowledge with a 30-question chapter practice test
Calculating the Standard Deviation

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.

Probability of Simple, Compound and Complementary Events

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.

Probability of Independent and Dependent Events

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.

Statistical Significance: Definition & Calculation

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.

Expected Value in Probability: Definition & Formula

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.

Normal Distribution & Shifts in the Mean

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.

Identifying & Calculating Averages

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.

Finding Percentiles in a Data Set: Formula & Examples

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.

Index Numbers in Statistics: Uses & Examples

9. 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.

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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Other Chapters

Other chapters within the PLACE Business Education: Practice & Study Guide course

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