What is business statistics?

Statistics involve the collection, analysis, and interpretation of numerical data and finds great use in business. In business, it is used to attain the best possible information from the data in order to support decision making.  

Business statistics is a science dealing with the process of making good decisions under the condition of uncertainty. It finds a lot of applications in fields like finance, banking, the stock market, quality control, and marketing research. In any business, the important process is to collect relevant information to make the right decisions and the process of collecting such relevant information is called Business Statistics. Any business environment is always more complex as it involves money as well as direct or indirect communication with other people. This makes decision making a hard process. For confidence in the decision, the businessman or the decision-maker makes, he or she will need to collect relevant information to make the right decision.

Topics covered in business assignment homework

Organizing and Graphing Data

Maximum business statistics assignments are based on a graphical depiction of quantitative and qualitative data, cumulative frequency, dot plots, distributions, histograms, etc.

Probability

Probability is a statistical representation of how likely an event is to happen or how likely it is that a statement is true. Concepts included in probability include conditional and marginal probabilities, Bayes’ theorem, dependent and independent events, the intersection of events, complementary events, and multiplication procedures, the union of events, etc.

Numerical Descriptive Measures

Descriptive statistics are the first bits of data used to read and represent a dataset. 

Continuous Random Variables and Distributions

If a random variable is a continuous variable, its probability distribution is known as a continuous probability distribution. We have provided many solutions on the continuous probability distribution, exponential distribution, uniform distribution, normal distribution, applications of the normal distribution, the standard normal variable, determination of z & x values, and the normal estimate to the binomial distribution, etc.

Discrete Random Variables and It’s Probability Distribution

Every discrete random variable has a countable number of potential values. The probability of every discrete random variable value lies between 0 and 1 and the addition of all the probabilities is equivalent to 1.

Sampling Distribution

A sampling distribution can be identified as a probability distribution of a statistic procured by a comprehensive number of samples elicited from a particular population. Concepts under this include simple random sampling (with or without replacement), stratified sampling, cluster sampling, linear systematic sampling, sampling and non-sampling errors, the shape of the sampling distribution, applications, population and sample proportions p, application of the sampling distribution of p, etc.

Hypothesis Tests about the Mean and Proportion

The hypothesis tests are also known as confirmatory data analysis. It is a method of statistical inference where there are null and alternative hypothesis statements, hypothesis tests about unknown and known populace standard deviation, z test, hypothesis test about a population proportion with outsized samples, etc.

Analysis of Variance (ANOVA)

Analysis of Variance (ANOVA) is a statistical approach that is generally used to examine the variations between two or more means.

Chi-Square Test

The chi-squared test can also be written as χ² test. Usually, it is used as a representation of statistical hypothesis tests.

Regression Analysis

Regression analysis is a compelling statistical method that enables you to test the correlation between two or more variables of interest.

Business statistics assignment help

Writing a business statistics paper with no possibility of error is a hard task for most students. To solve the business statistics homework, it is required that the student is very good at mathematics though at times they face difficulties while drafting the assignment despite being proficient in mathematics. This is why we are a click away to help any student who may be struggling with their business assignment. Our statistics expert writers are qualified and experienced and will handle your assignment at a pocket-friendly rate. We handle business statistics assignments using statistical software packages including

  1. SPSS
  2. SAS
  3. Minitab
  4. R programming
  5. Stata, and 
  6. Matlab