Practical Business Analytics Using R and Python: Solve Business Problems Using a Data-driven Approach

© Umesh R. Hodeghatta, Ph.D and Umesha Nayak 2023

U. R. Hodeghatta, U. NayakPractical Business Analytics Using R and Pythonhttps://doi.org/10.1007/978-1-4842-8754-5_2

2. The Foundations of Business Analytics

Umesh R. Hodeghatta¹   and Umesha Nayak²

(1)

South Portland, ME, USA

(2)

Bangalore, Karnataka, India

 

Uncertainty and randomness are bound to exist in most business decisions. Probability quantifies the uncertainty that we encounter every day. This chapter discusses the fundamentals of statistics, such as mean, variance, standard deviation, probability theory basics, types of probability distributions, and the difference between population and sample, which are essential for any analytics modeling. We will provide demonstrations using both Python ...