# Ch 7: Probability and Statistics for Business: Help and Review

### About This Chapter

## Who's it for?

Anyone who needs help understanding material from business math will benefit from taking this course. You will be able to grasp the subject matter faster, retain critical knowledge longer and earn better grades. You're in the right place if you:

- Have fallen behind in understanding how to calculate averages or find percentiles in a data set.
- Need an efficient way to learn probability and statistics for business.
- Learn best with engaging auditory and visual tools.
- Struggle with learning disabilities or learning differences, including autism and ADHD.
- Experience difficulty understanding your teachers.
- Missed class time and need to catch up.
- Can't access extra business learning resources at school.

## How it works:

- Start at the beginning, or identify the topics that you need help with.
- Watch and learn from fun videos, reviewing as needed.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Submit questions to one of our instructors for personalized support if you need extra help.
- Verify you're ready by completing the Probability and Statistics for Business chapter exam.

## Why it works:

**Study Efficiently:**Skip what you know, review what you don't.**Retain What You Learn:**Engaging animations and real-life examples make topics easy to grasp.**Be Ready on Test Day:**Use the Probability and Statistics for Business chapter exam to be prepared.**Get Extra Support:**Ask our subject-matter experts any relevant question. They're here to help!**Study With Flexibility:**Watch videos on any web-ready device.

## Students will review:

In this chapter, you'll learn the answer to questions including:

- How do I calculate mean, median, mode and range?
- What is the importance of standard deviation?
- How do I find the probability of simple, compound and complementary events?
- How do I find the probability of independent and dependent events?
- How do I calculate statistical significance?
- How do I find expected value in a probability distribution table?
- What are the characteristics of normal distribution?
- How do I calculate weighted averages?
- How can I find percentiles in a data set?

### 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. 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.

### 3. 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.

### 4. 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.

### 5. 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.

### 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. 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.

### 8. 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.

### 9. 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.

### 10. What is Data Analysis? - Definition & Overview

In this lesson, we will learn about data analysis. We will define it, learn about the forms of data collection, and go through the process of data analysis. The lesson will conclude with a brief quiz to check your knowledge.

### 11. Types of Data Analysis

In this lesson, we will learn about data analysis. We'll look at a few types of basic data analysis, and then venture into more specific intense analysis. The lesson will conclude with some examples and a summary.

### 12. Data Analysis: Techniques & Methods

In this lesson, we'll learn about data analysis. We'll define the two methods of data analysis, quantitative and qualitative, and look at each of their various techniques. The lesson will then conclude with a summary and a quiz.

### 13. What is Data Analytics? - Definition & Tools

In this lesson, we'll learn about data analytics. We'll define it and learn about some of the many tools used for data analytics. The lesson is followed by a quiz.

### 14. 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.

### 15. Chebyshev's Inequality: Definition, Formula & Examples

Chebyshev's inequality is used to measure the dispersion of data for any distribution. In this lesson, we look at the formula for Chebyshev's inequality and provide examples of its use.

### 16. Cumulative Distribution Function: Formula & Examples

This lesson introduces you to the cumulative distribution function. An easy-to-follow illustration is used to show you the formula and it's usefulness. We also look at some examples.

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### Other Chapters

Other chapters within the Business Math: Help and Review course

- Graphing and Evaluating Equations and Functions: Help and Review
- Quadratic Equations and Functions: Help and Review
- Linear Equations and Inequalities: Help and Review
- Number Sense - Business Math: Help and Review
- Depreciation & Salvage Values: Help and Review
- Interest & Purchases: Help and Review
- Math for Financial Analysis
- Business Math Applications
- Project Management Formulas & Calculations
- Categorical Data