business statistics course difficulty

0000003074 00000 n Microsoft Excel. It might seem convenient to just study from someone elses notes but making your own notes will help you retain concepts and formulas better. The interquartile range represents the middle 50 percent of the data; it’s calculated as the third quartile minus the first quartile.

Measures of association

Another type of measure, known as a measure of association, refers to the relationship between two samples or two populations. Probability - The Science of Uncertainty and Data. Best Statistics Courses. 12,996 recent views. When youre working with populations and samples (a subset of a population) in business statistics, you can use three common types of measures to describe the data set: central tendency, dispersion, and association. You will find that you enjoy the logical puzzle-like aspect of it. Once the problem is set up, it uses math, now done online, to answer the question with a very good degree of probability. Have questions? Regression analysis is perhaps the single most important business statistics tool used in the industry. We also study the transformation of variables in a regression and, in that context, introduce the log-log and the semi-log regression models. A probability distribution assigns probabilities to each possible value of a random variable. Outside of the academic environment he has many years of experience working as an economist, risk manager, and fixed income analyst. Entering values from a table to find the mean and standard deviation. You get to understand the logic behind hypothesis tests. If the OP is in fact talking about a more applied stats course, then you dont have to be great at math to get a decent grade in the course. 0000001151 00000 n Poisson distribution. I'm getting my associates degree in May this year. 4 0 obj Copyright 2023 The Board of Regents of the University of Oklahoma. Start learning here, or check out our full course catalog. By convention, the statistical formulas used to describe population measures contain Greek letters, while the formulas used to describe sample measures contain Latin letters. I easily got an A at both the undergrad and grad level stats classes I had to take. 0000014637 00000 n Statistics make it possible to analyze real-world business problems with actual data so that you can determine if a marketing strategy is really working, how much a company should charge for its products, or any of a million other practical questions. 0000002838 00000 n Topics covered include: Reading data into Excel using various formats Basic functions in Excel, arithmetic and various logical functions Formatting rows and columns Using formulas in Excel and copy and paste using absolute and relative referencing, WEEK 2 Module 2: Spreadsheet Functions to Organize Data This module introduces various Excel functions to organize and query data. Its not really hard math, you deal with mean, median and percentages. The actual computations are quite simple and you may even find you enjoy the logical puzzle-like aspect of it. Statistics is a branch of math, so to get a good grasp of statistics, one should have good mathematical fundamentals. The only way how to learn cooking is to cook. Once the problem is set up, it uses math, now done online, to answer the question with a very good degree of probability. Stats is definitely not a class you can cram for the night before an exam. In summary, here are 10 of our most popular business statistics courses. The developer provided this information and may update it over time. Outside of the academic environment he has many years of experience working as an economist, risk manager, and fixed income analyst. Examples of continuous distributions include:

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In statistics, sampling distributions are the probability distributions of any given statistic based on a random sample, and are important because they provide a major simplification on the route to statistical inference. Concepts should not look like they are coming out of nowhere; instead, they should be related to fundamentals followed by real-life examples. According to a key result in statistics known as the Central Limit Theorem, the sampling distribution of the sample mean is normal if one of two things is true: Two moments are needed to compute probabilities for the sample mean; the mean of the sampling distribution equals: The standard deviation of the sampling distribution (also known as the standard error) can take on one of two possible values: This is the appropriate choice for a small sample; for example, the sample size is less than or equal to 5 percent of the population size. 1 0 obj in financial engineering from Polytechnic University.

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Alan Anderson, PhD is a teacher of finance, economics, statistics, and math at Fordham and Fairfield universities as well as at Manhattanville and Purchase colleges. The emphasis is on concepts and what they mean. Here, an extreme test statistic is one that lies outside the bounds of the critical value or values.

Hypotheses are often tested about the values of population measures such as the mean and the variance. You need to practice, practice, practice by working out problems in the homework assignments. The first thing that makes statistics hard is the formulas. Consider the following examples of mean:

Population mean:

This formula simply tells you to add up all the elements in the population and divide by the size of the population.

Sample mean:

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The process for computing this is exactly the same; you add up all the elements in the sample and divide by the size of the sample.

In addition to measures of central tendency, two other key types of measures are measures of dispersion (spread) and measures of association.

Measures of dispersion

Measures of dispersion include variance/standard deviation and percentiles/quartiles/interquartile range. We tried to answer questions like is statistics hard? how hard is statistics? why is statistics so hard?. The ability to understand and apply business statistics is becoming increasingly important in the industry. BUS204: Business Statistics. Just to add if you arent a stem major and if your CC has it theres also the year long statway sequence (I took it because I am not a stem major and I would have never have passed the traditional algebra sequence because I am just not wired that way). Statistics is very practical because it allows you to make insightful decisions. It involves many mathematical concepts, so students who are not very good at maths may struggle. 0000016413 00000 n I'm in community college, and my final class that I need for my degree is business statistics. 0000002014 00000 n Alan received his PhD in economics from Fordham University, and an M.S. This course introduces the student to basic business statistics and quantitative analysis and their application in solving business problems. The science of statistics uses regression analysis, hypothesis testing, sampling distributions, and more to ensure accurate data analysis. A discrete probability distribution can only assume a finite number of different values. Im a good student normally, but math is my weakness. . in financial engineering from Polytechnic University.

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Alan Anderson, PhD is a teacher of finance, economics, statistics, and math at Fordham and Fairfield universities as well as at Manhattanville and Purchase colleges. Dummies helps everyone be more knowledgeable and confident in applying what they know. To complete all course assignments, students must have access to a Windows version of Microsoft Excel 2010 or later. The module also introduces the notion of errors, residuals and R-square in a regression model. {"appState":{"pageLoadApiCallsStatus":true},"articleState":{"article":{"headers":{"creationTime":"2016-03-27T16:48:44+00:00","modifiedTime":"2022-01-31T19:37:09+00:00","timestamp":"2022-09-14T18:19:04+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Accounting","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34226"},"slug":"accounting","categoryId":34226},{"name":"Calculation & Analysis","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34229"},"slug":"calculation-analysis","categoryId":34229}],"title":"Business Statistics For Dummies Cheat Sheet","strippedTitle":"business statistics for dummies cheat sheet","slug":"business-statistics-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"This Cheat Sheet is a handy resource for the basics of business statistics, including hypothesis testing, sampling distributions, and more. . In statistics, the mean, median, and mode are known as measures of central tendency; they are used to identify the center of a data set: Mean: The value between the largest and smallest values of a data set, obtained by a prescribed method. An estimated regression equation may be used for a wide variety of business applications, such as: Measuring the impact on a corporations profits of an increase in profits, Understanding how sensitive a corporations sales are to changes in advertising expenditures, Seeing how a stock price is affected by changes in interest rates. The Business Statistics and Analysis Specialization is designed to equip you with a basic understanding of business data analysis tools and techniques. Understanding what to do during a testing claim when the significance level (P-value) is above or below the alpha (in my case the alpha always seemed to be 5% or 10%)? Write the basic crux of the concept and device ways to remember formulas. There are a lot of technical terms in statistics that may become overwhelming at times. 0000004443 00000 n I didnt have any math course for years, last time was in my European high school and I always really sucked at math and HATED it. Also, in the stats classes I taught graphing calculators were not allowed - we required students to do things by hand (except in the lab portion, which was done with a statistical software package, usually SPSS for social science/non-calculus-based classes and R for the math-based stats classes). Decision rule

The null hypothesis is a statement that’s assumed to be true unless there’s strong contradictory evidence. 0000018287 00000 n You will use data and knowledge about randomness to condense and contextualize information and provide insight into the process of generating the data. You will find that you enjoy the logical puzzle-like aspect of statistics. L?4>^/ Statistics teaches problem solving using logic and measurement. These are done using easy-to-understand applications. Reddit and its partners use cookies and similar technologies to provide you with a better experience. And this is a major contribution to doubts like is statistics hard? and how hard is statistics to pop up. Data analysis. and our This is course designed to take you from beginner to expert in probability and statistics. Some examples of such terms are 'confidence,' 'hypothesis,' 'normal,' 'significance' etc. Your job is to do the relevant statistical analysis and report your findings in response to the questions so that anyone can understand. You'll also be introduced to the binomial and Poisson distributions. Please feel free to contact us! WEEK 1 Module 1: Regression Analysis: An Introduction In this module you'll learn the linear regression model. Know more about the Cuemath fee here, Cuemath Fee. You will apply these descriptive measures of data and various statistical distributions using easy-to-follow Excel based examples, which are demonstrated throughout the course. 5xPlW~WH\3kvryN&Qd}.=;Y%T$_dU$-0K?,mK}U[f@B] dwoH\z@vY]1;d~vF bv)5obvj{MWXPYKi<8[ZBgwJA.p$0*t6N &Gn Q` MJ endstream endobj 785 0 obj 265 endobj 749 0 obj << /Type /Page /Parent 744 0 R /Resources << /ColorSpace << /CS2 758 0 R /CS3 759 0 R >> /ExtGState << /GS2 776 0 R /GS3 778 0 R >> /Font << /TT4 755 0 R /TT5 753 0 R /TT6 757 0 R /TT7 760 0 R >> /ProcSet [ /PDF /Text ] >> /Contents [ 762 0 R 764 0 R 766 0 R 768 0 R 770 0 R 772 0 R 774 0 R 783 0 R ] /Annots [ 750 0 R ] /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 /StructParents 0 >> endobj 750 0 obj << /Dest [ 749 0 R /XYZ 110 91 null ] /Type /Annot /Subtype /Link /Rect [ 320 664 326 674 ] /C [ 0 0 0 ] /Border [ 0 0 0 ] /H /O >> endobj 751 0 obj << /Type /FontDescriptor /Ascent 891 /CapHeight 0 /Descent -216 /Flags 98 /FontBBox [ -547 -307 1206 1032 ] /FontName /HKGKFH+TimesNewRoman,BoldItalic /ItalicAngle -15 /StemV 142.397 /FontFile2 781 0 R >> endobj 752 0 obj << /Type /FontDescriptor /Ascent 891 /CapHeight 656 /Descent -216 /Flags 34 /FontBBox [ -558 -307 2000 1026 ] /FontName /HKGKHI+TimesNewRoman,Bold /ItalicAngle 0 /StemV 160 /XHeight 0 /FontFile2 782 0 R >> endobj 753 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 150 /Widths [ 250 0 0 0 0 833 0 0 333 333 500 0 250 333 250 278 500 500 500 500 500 500 500 500 500 500 278 278 564 564 0 444 0 722 667 667 722 611 556 722 722 333 389 722 611 889 722 722 556 722 667 556 611 722 722 944 722 722 0 0 0 0 0 0 0 444 500 444 500 444 333 500 500 278 278 500 278 778 500 500 500 500 333 389 278 500 500 722 500 500 444 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 333 444 444 0 500 ] /Encoding /WinAnsiEncoding /BaseFont /HKGKDG+TimesNewRoman /FontDescriptor 756 0 R >> endobj 754 0 obj << /Type /FontDescriptor /Ascent 891 /CapHeight 656 /Descent -216 /Flags 98 /FontBBox [ -498 -307 1120 1023 ] /FontName /HKGKBE+TimesNewRoman,Italic /ItalicAngle -15 /StemV 83.31799 /FontFile2 777 0 R >> endobj 755 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 149 /Widths [ 250 0 0 0 0 0 0 0 0 0 0 0 0 333 0 0 500 500 500 500 500 500 500 500 0 0 333 0 0 0 0 0 0 611 611 667 722 611 611 722 0 333 444 0 556 833 667 722 611 722 611 500 556 722 611 0 611 556 0 0 0 0 0 0 0 500 500 444 500 444 278 500 500 278 0 444 278 722 500 500 500 0 389 389 278 500 444 667 0 444 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 350 ] /Encoding /WinAnsiEncoding /BaseFont /HKGKBE+TimesNewRoman,Italic /FontDescriptor 754 0 R >> endobj 756 0 obj << /Type /FontDescriptor /Ascent 891 /CapHeight 656 /Descent -216 /Flags 34 /FontBBox [ -568 -307 2000 1007 ] /FontName /HKGKDG+TimesNewRoman /ItalicAngle 0 /StemV 94 /XHeight 0 /FontFile2 779 0 R >> endobj 757 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 121 /Widths [ 250 0 0 0 0 0 0 0 0 0 0 0 0 0 250 0 0 500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 667 667 722 0 667 0 0 389 0 0 0 0 0 0 0 0 667 556 0 0 667 0 0 0 0 0 0 0 0 0 0 500 500 444 500 444 0 500 556 278 0 0 278 0 556 500 500 0 389 389 278 556 0 667 0 444 ] /Encoding /WinAnsiEncoding /BaseFont /HKGKFH+TimesNewRoman,BoldItalic /FontDescriptor 751 0 R >> endobj 758 0 obj [ /ICCBased 780 0 R ] endobj 759 0 obj /DeviceGray endobj 760 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 150 /Widths [ 250 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500 500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 722 0 722 722 667 0 0 0 389 0 0 667 944 722 0 611 0 722 556 667 0 722 0 0 722 0 0 0 0 0 0 0 500 556 444 556 444 333 500 556 278 0 0 278 833 556 500 556 0 444 389 333 556 500 722 500 500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500 ] /Encoding /WinAnsiEncoding /BaseFont /HKGKHI+TimesNewRoman,Bold /FontDescriptor 752 0 R >> endobj 761 0 obj 1897 endobj 762 0 obj << /Filter /FlateDecode /Length 761 0 R >> stream