Business statistics

"Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as financial analysis, econometrics, auditing, production and operations including services improvement and marketing research".[1]

These sources feature regular repetitive publication of series of data. This makes the topic of time series especially important for business statistics. It is also a branch of applied statistics working mostly on data collected as a by-product of doing business or by government agencies. It provides knowledge and skills to interpret and use statistical techniques in a variety of business applications.

A typical business statistics course is intended for business majors, and covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and the binomial and normal distributions, test of hypotheses and confidence intervals, linear regression, and correlation.[2]

See also

Notes

  1. ↑ • Journal of Business & Economic Statistics, Aims and Scope.
      • "Journal of Business & Economic Statistics, American Statistical Association."
  2. ↑ • E. Pekoz, The Manager's Guide to Statistics, http://www.probabilitybookstore.com, 2012.

References

  • Morien, D. (2007) Business Statistics, Thomson Learning Nelson. ISBN 978-0-17-013147-6
  • Wegner, T. (2010). Applied Business Statistics: Methods and Excel-Based Applications, Juta Academic. ISBN 0702172863


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