By Steven M. Kemp, Sid Kemp, Steven Kemp

Say see you later to dry displays, grueling formulation, and summary theories that will positioned Einstein to sleep -- now there's a neater strategy to grasp the disciplines you really want to understand.

McGraw-Hill's Demystified Series teaches complicated matters in a different, easy-to-absorb demeanour, and is ideal for clients with no formal education or limitless time. They're additionally the main time-efficient, curiously written "brush-ups" you will discover.

equipped as self-teaching publications, they arrive entire with key issues, heritage details, questions on the finish of every bankruptcy, or even ultimate tests. You'll have the capacity to research extra in much less time, assessment your components of energy and weak spot and strengthen your wisdom and self belief.

This self-teaching advisor brings enterprise facts right down to an comprehensible point, utilizing functional examples. insurance comprises: chance, research of variance, designed experiments, getting ready statistical studies, simple statistical systems, and masses extra.

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Additional info for Business Statistics Demystified: A Self Teaching Guide

Sample text

Of course, this does not mean that you can get by without the algebra required for this book (and probably for your statistics class). You need to understand what a constant is, what a variable is, what an equation is, etc. If you are unsure of these things, we have provided Appendix A with some of the basic definitions from algebra. Where Is Statistics Used? At the start of this chapter, we defined business statistics as statistics used to help with business decisions. In business, decisions are everywhere, little ones, big ones, trivial ones, important ones, and critical ones.

The lesson: Statistics may or may not be valuable to business. Common sense always is. If we use statistics, be sure to use them with some common sense thrown in. CRITICAL CAUTION Good statistics is not just a matter of knowing how to pick the techniques and apply them. Good statistics means knowing what makes for the best outcome and what the problems are in measuring the situation. Good business statistics demands a good understanding of business. The Statistical Study While statistics can be used on a one-time-only basis to help make a single business decision, most commonly we find that a statistical study, containing many statistics, either descriptive, or both descriptive and inferential, is conducted.

When it comes to statistics, obviously, validity is the most important thing. We want our numbers to be right, or at least clustered around the right answer. But validity is much harder to measure than reliability. The reason for this is that we don’t know the world directly; we only find out about the world by observing it. Recall that measurement is just formalized, repeatable observation. As a result, we are always comparing one observation to other observations, one measurement to other measurements.

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