Practical business statistics / Maria Catherine Borres.

Includes bibliographical references and index.

Statistics and its role in business -- Data mining and big data -- Data structure -- Distribution of data: histogram -- Variability and data in business -- Probability: the occurrences in businesses -- Uncertain numbers in the business: random variables -- Confidence interval: the estimations -- Hypothesis testing and regression analysis -- Report writing: communicating the results.

"Businesses in the modern and fast-paced world are developing enormously. They have huge competition among themselves and are driven by the motivation to excel and be ahead of everyone. The businesses have been involving statistics to make sure that they act in the right manner and make informed decisions on the matters that concern them.
Statistics is a widely-discussed field in the business world today. The business people want to know the in and out of all the things and to verify them using the statistical information they get. The statistics make them aware of the trends in a particular field, especially the consumer-related fields, and help them revise or reform their policies according to the results.
The book tries to inform the readers about the various roles of statistics and the methods that are used in the field of business statistics to get the required information. It also focuses on different statistical methods that are used widely in the business world.
The book starts off by introducing the field and subject of statistics to the readers and explain its characteristics. It also enlists various types of statistics that are adopted in several situations and conditions. The book describes the role of statistics and focuses on the research and development in the field.
The book talks about the subject of Data Mining and Big Data. It talks about the role of data mining in the practical scenarios of business statistics. It also dwells on the application of Big Data in those scenarios. The book throws light on the current trend in the way data mining is used and discusses the issues that come up in Big Data and datamining.
Moving further, the book throws light about data structure by introducing and defining the meaning of data structure and associating them with algorithms. The book describes the characteristics of data structures and enlists various types of data structures. It explains the meaning of variability and its role in the business processes. It also throws light on the process of data collection in data structures.
The book then talks about histogram and discusses the history of it. It lists the various parts of histogram and the typical shapes in it. It discusses the applications of histogram in the businesses, so that the readers know about their importance.
The book throws light on the variability in statistics and highlights its significance and the properties of measuring it. It lists down the reasons for popularity of standard deviation and talks about the range in standard deviation. The book throws light on the coefficient of variation and brings the various kinds of variabilities to readers' focus. The book moves forward to discuss about the probability in statistics and describes the meaning of it. It talks about conditional probability and explains the Bayes' Theorem to the readers. The book throws light on the discrete random variables and the use of simulation in probabilistic problems.
Then, the book introduces the uncertainty in numbers to the readers. It talks about taking decisions with the uncertain numbers and explains the basics related to it. The book talks about random variables and highlights the importance of uncertain numbers in the discount calculations in the company valuation.
The book throws light of the importance of report writing in statistics and explains the meaning of a statistical report to the readers. It talks about the methods in communicating data and suggests some important points in report writing to the readers." -- Back cover