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Importance of business statistics
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A sampling of Business Data
|Stratified sampling||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.|
|Systematic sampling||In systematic sampling, sample members from a large population are selected randomly but in a fixed and periodic interval.|
|Probability sampling||Probability distribution is a sampling technique where a researcher picks samples from a large population using a method based on probability theory.|
|Multi-stage sampling||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.|
|Cluster sampling||In cluster sampling, researchers divide the population into clusters. They then randomly pick clusters for data collection.|
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Correlation and Regression
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.|