Ch 29: WEST Business & Marketing Education: Basic Statistics for Business

About This Chapter

Get ready for the WEST Business and Marketing Education exam by watching our engaging videos on basic statistics for business. The lessons in this chapter review how to calculate the probability of events, identify averages, use index numbers in statistics and more.

WEST Business & Marketing Education: Basic Statistics for Business - Chapter Summary

Before taking the WEST Business and Marketing Education exam, brush up on your knowledge of basic math and statistics functions that are commonly used in business. The lessons in this chapter help you to review the definitions and formulas related to calculating:

  • Standard deviation
  • Probability of events
  • Statistical significance
  • Expected value
  • Mean distribution and shifts
  • Averages
  • Percentiles
  • Index numbers

Our knowledgeable instructors use illustrations and fun examples to present these math concepts in an easy-to-remember way. The transcripts allow you to easily access the formulas and definitions, and there are also multiple-choice quizzes that tie back to each video and test your skills.

WEST Business & Marketing Education: Basic Statistics for Business Objectives

The WEST Business and Marketing Education test is for those seeking a subject-matter specific credential to teach business and/or marketing in Washington. The computer-based test includes 110 multiple-choice questions that cover topics ranging from business management and economics to information technology and accounting. You may encounter statistics-related questions within the accounting domain area of the test; this domain makes up 17% of the test questions. Specifically, you can use these lessons to prepare for questions on applying mathematical concepts to analyze and solve business problems.

9 Lessons in Chapter 29: WEST Business & Marketing 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.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the WEST Business & Marketing Education (038): Practice & Study Guide course

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