Chapter 1
The Art and Science of Business Statistics
IN THIS CHAPTER
Looking at the key properties of data
Understanding probability’s role in business
Sampling distributions
Drawing conclusions based on results
Statistical analysis is widely used in all business disciplines. For example, marketing researchers analyze consumer spending patterns to properly plan new advertising campaigns. Organizations use management consulting to determine how efficiently resources are being used. Manufacturers use quality control methods to ensure the consistency of the products they are producing. These types of business applications and many others are heavily based on statistical analysis.
Financial institutions use statistics for a wide variety of applications. For example, a pension fund may use statistics to identify the types of securities that it should hold in its investment portfolio. A hedge fund may use statistics to identify profitable trading opportunities. An investment bank may forecast the future state of the economy to determine which new assets it should hold in its own portfolio. ...
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