Appendix
BUSINESS STATS 101
This is a short primer on basic business statistics. Let’s start with some definitions.
Population is a collection of people or things you are trying to study (i.e., “the data set”). It could be all employees at your company or all parts produced in the month of February or a specific segment of your customers.
In the business context, we aim to understand and describe characteristics of a population, such as the age of our customers. Two common descriptive parameters are average and variance (or standard deviation). Average is the measure of central tendency of that metric and standard deviation is the measure of breadth.
Average: There are three different measures of average.
1. Mean is the sum of a given set of ...
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