The primary objective of this text is to help students to think clearly and critically and apply the knowledge of Business Statistics in decision making when solving business problems.
The book introduces the need for quantitative analysis in business and the basic procedures in problem solving. Following an application-based theory approach, the book focuses on data collection, data presentation, summarizing and describing data, basic probability, and statistical inference. A separate chapter is devoted to show how Microsoft Excel can be used to solve problems and to make statistical analyses. It contains specimen Excel Worksheets illustrating how the problems of each chapter are solved using Excel functions and formulas. A large number of real–world business problems from various business professions such as finance, medical, psychology, sociology, and education are also included.
This textbook is primarily intended for the undergraduate and postgraduate students of management and postgraduate students of commerce.
The text helps students to:
• Understand the meaning and use of statistical terms used in business statistics
• Use graphical and descriptive statistics to identify the need for statistical inference techniques
• Perform statistical analyses
• Interpret the results of statistical analyses
• Apply statistical inference techniques in business situations
• Use computer spreadsheet software to perform statistical analysis on data
• Choose the appropriate statistical tool from the collection of standard analytic methods