Business statistics homework help
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Business statistics is described as the science of making decisions based on an analysis in auditing, production, and econometrics. Business statistics is divided into inferential and descriptive statistics.
Descriptive statistics is divided into two: measures of dispersion, measures of central tendency, measurement of frequency, and measures of position. On the other hand, people make assumptions on measuring parameters such as specimen data statistics in inferential statistics. Inferential statistics is divided into T-test, Chi-Square, Cone sample hypothesis test, confidence interval, multivariate regression, Pearson correlation, and bivariate regression.
Importance of business statistics
Business statistics helps businesses in:
• Dealing with business uncertainties by forecasting cyclic, seasonal, and general economic fluctuations.
• Business planning by ensuring proper predictions and assumptions.
• Making sound decisions through the provision of accurate estimates on demand, costs, sales, and prices.
• Allows businesses to compare different products
• In measuring performance variations of products, business units, and employees, among others.
• In validating theoretical and generalization conceptions formed by managers
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Confidence intervals are used to measure the degree of uncertainty in a sampling method. Confidence intervals are challenging to students, so most of them look for business statistics help online. To ensure that students have an easier time in college, we decided to solve their business statistics problems online by completing their homework. We work with an extensive team of experienced tutors, most of who have been around for more than a decade. We focus on timely delivery of work and good quality. To ensure that each homework is completed on time, an expert is assigned one homework at a time. Despite the high quality of solutions we offer to students, our services are affordable. We want every student to get the help they are looking for without spending too much on it. Therefore, get one here if you are looking for an expert to do your business statistics homework.
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A sampling of Business Data
Data sampling is a statistical method used in analyzing trends and patterns in a data set. In this case, sampling is used in determining the amount of data to collect and after how long it should be collected. When sampling business data occurs, it requires statistical conclusions about the observations' data set. A sampling of business data is divided into 6 methods:
||This is a sampling method that involves the division of a population into strata. The strata are formed based on members’ common attributes such as education or income.
|Simple random sampling
||In simple random sampling, every member of a statistical population has an equal probability of being chosen.
||In systematic sampling, sample members from a large population are selected randomly but in a fixed and periodic interval.
||Probability distribution is a sampling technique where a researcher picks samples from a large population using a method based on probability theory.
||This is a sampling method that divides a population into clusters for carrying out research. In this method, the clusters are then divided into sub-groups into different stages for easier data collection.
||In cluster sampling, researchers divide the population into clusters. They then randomly pick clusters for data collection.|
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To have a successful data preprocessing, it is important to have an overall picture of the data. Statistical data description is used to identify data properties and highlight which data values should be treated as outliers. Statistical description of data can be challenging. This is because it is a broad topic. However, we are here to help students get better grades. We offer high-quality business statistics homework help services to all students. Hiring a business statistics problem solver will guarantee you a good grade at an affordable price. Therefore, think of us if you are looking for an expert who can assure you of the best business stats homework help. We cover all topics in statistics description of data such as;
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Correlation and Regression
Correlation and regression are related because both deal with relationships among themselves. Correlation analysis is used in quantifying the relationship between two continuous variables, such as a dependent variable and an independent variable. It can also apply to two independent variables. On the other hand, regression analysis shows the relationship between variables' outcome variables. The degree of association between correlation and regression is measured by 'r' after its originator with a linear association measure.
Comparison between correlation and regression
|There is no difference between dependent and independent variables.
||The dependent and independent variables are different.
|Correlation is used to describe a linear relationship between two variables.
||Regression is used to fit the best line and estimate one variable in relation to another.
|The objective of correlation is to find a value that expresses the relationship between variables.
||The objective of regression is to estimate the values of a random variable in relation to the values of a fixed variable.
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1. Gamma distribution – Gamma distribution can be described as a two-parameter family of continuous probability distributions. Special cases of the gamma distribution are chi-square distribution, exponential distribution, Erlang distribution.
2. Beta distribution – Beta distribution is a versatile method of representing outcomes for proportions or percentages.
3. Cauchy distribution – Cauchy distribution is a family of continuous probability distributions which are similar to normal distributions. The difference comes in because Cauchy has a taller peak than a normal distribution.
4. Weibull distribution – This is a continuous probability distribution commonly used to assess product reality, analyze life data, and model failure times. Weibull comprises two probability density functions (PDF): two-parameter PDF and three-parameter PDF.
5. Logistic distribution – Logistic distribution is a continuous probability distribution whose cumulative distribution function is the logistic function. It is similar to normal distribution but has a higher kurtosis.
6. Exponential distribution – It is a probability distribution of times between events in a Poisson point process.