Business Statistics Bcom Pdf

[Frederic Laureano]

Thisdocument outlines the key concepts and formulas in business statistics across 5 units. Unit 1 covers definitions of statistics, primary and secondary data collection methods, questionnaires, tabulation, classification and scheduling. Unit 2 covers measures of central tendency. Unit 3 covers measures of dispersion. Unit 4 covers correlation and regression. Unit 5 covers index numbers, time series analysis, seasonal and cyclical variations. It also provides example problems for each unit to practice applying the statistical concepts.Read less

You can apply for BCom statistics in your first year, and then be considered for BCom Operations research after year one. Please note that we do not have a 2022 intake for our programme Operations Research.

Operations research, on the one hand, is the discipline that is concerned with the application of analytical methods to help decision-makers with the optimal allocation of scarce resources. It is concerned with using different models in maximising profit using minimal resources. Operational research may also be defined as the use of advanced analytical techniques to improve decision-making. Operations research analysts are involved in all aspects of an organisation. They help to allocate resources, develop production schedules, manage the supply chain and set prices.

Statisticians have the advantage of combining their interest with almost any other field of study, especially in science, business, medicine technology, education, etc. Some of these fields are as follows:

People with skills in OR hold jobs in decision support, business analytics, marketing analysis and logistics planning. Many large firms have groups of OR analysts. These are located in the steel, mining, oil, gas, chemicals, paper and engineering industries, airlines, logistics, railways, banking and insurance. Within the public sector, OR analysts are also employed in health, education and electricity supply.

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Imagine you have a sweater factory and don't know how many sweaters to make. If you make too many, you're wasting money, and if you make too few, you're missing the opportunity to sell more. So how do you find the perfect number? Business statistics has the answer.

Professionals in the field of business statistics apply statistical methods to answer business questions. This could mean describing a complex financial situation, predicting customers' behavior, or determining if an ad campaign is working to drive sales.

Business statistics help companies understand their present and predict their future. This can save organizations money, help them find new opportunities, and improve their efficiency. For example, using statistics to model sales patterns can help a company figure out how many employees they need to hire or how to scale production.

Someone working in business statistics typically has at least a bachelor's degree. Common majors include finance and business administration.Upper-level careers in business statistics often require a master's degree like an MBA. An MBA program teaches advanced statistical techniques and typically offers students more experience applying these techniques to real-world problems.

A common entry-level job in business statistics is financial analyst. According to the Bureau of Labor Statistics (BLS), financial analysts earned a median annual salary of $81,410 as of May 2021. Later in their careers, with experience and education, business professionals can negotiate their salaries and make far more. Senior economists, for example, earned an average salary of $112,650 according to 2022 Payscale data.

Economists use their business statistics skills to analyze the distribution and production of goods and resources. They can either work in an academic context, for the government, or for companies looking to better understand the impact of the economy on their industry.

Financial Analysts use statistics and other mathematical techniques to examine financial data to help companies make a profit. This can include tasks like predicting the performance of investments, forecasting overall industry trends, and evaluating financial statements to determine a company's worth.

Statisticians in business work exclusively with statistics. Common duties include exploring data sets to find a representative sample, forecasting trends in supply and demand, and developing mathematical models to analyze data.

Professionals with strong math skills can excel in business statistics jobs. As the work is highly analytical and focused on answering questions, it's a great fit for someone who enjoys solving puzzles using data. This work can be very solitary, though, which may make business statistics a poor match for highly social, relationship-focused professionals.

While some positions are available with just a bachelor's degree, a master's degree is required for job advancement in most positions. As business statistics is a competitive field, a master's degree or Ph.D. can help a candidate secure a position.

Business statistics is currently a strong career choice. The industry is growing as fast or faster than other industries, with the BLS projecting 33% growth in statistician positions between 2020 and 2030. That equates to 15,000 new jobs.

The main drivers of growth right now are divided between private companies such as major tech firms and manufacturers, and major financial organizations, such as JPMorgan Chase, Morgan Stanley, and Goldman Sachs.

The business landscape, in general, is growing more reliant on business statistics. Generally, mathematical justifications for business decisions are seen as more sound than decisions based on qualitative data.

Business statistics is a fairly competitive field. While many jobs are available, the high-stakes nature of business management means that employees tend to be highly vetted. Many corporations hiring business statistics professionals also have a culture that highly values education and prestigious colleges such as Ivy League schools.

Candidates can make their applications more appealing in a variety of ways. Additional education, such as a master's degree, can draw attention and lend credibility to an application. Real-world experience, such as internships or published independent research, can also demonstrate skill in the field.

Generally speaking, you cannot work in business statistics without a degree. While some jobs available without a degree use statistical techniques, business statistics positions typically require a bachelor's degree at a minimum.

Once you have started a career in business statistics, many positions require further degrees for job advancement. Common next steps include pursuing a master's in statistics, or an MBA with a quantitative concentration. Some people choose to pursue a Ph.D. and careers in statistical research, dividing time between academia and the private sector.

Business statistics is a relatively high-paying field. Jobs tend to pay in the upper five figures on average, with certain positions, like economist, paying over $100,000 annually. Additional fields that use business statistics such as investment banking can pay even more, with many higher-level professionals making millions of dollars.

While salaries can be lucrative, it's important to evaluate all aspects of a position before pursuing a career. Some areas to consider include educational requirements, areas in which positions are concentrated in (and their costs of living), and work-life balance.

Business statistics is not necessarily hard, but it can be complex. Business statistics begins with very fundamental statistical techniques, such as regression and calculations of covariance. These skills are needed in many fields, including all forms of scientific research.

Where business statistics becomes complex is applying those techniques to real-world circumstances. Where the basic technique is simple, it can become tricky to know where to apply them. Real-world data is often messier than lab data and introduces complicating variables that might be easy to miss when determining the cause of a statistical fluctuation.

A hypothesis is essentially an idea about the population that you think might be true, but which you cannot prove to be true. While you usually have good reasons to think it is true, and you often hope that it is true, you need to show that the sample data support your idea. Hypothesis testing allows you to find out, in a formal manner, if the sample supports your idea about the population. Because the samples drawn from any population vary, you can never be positive of your finding, but by following generally accepted hypothesis testing procedures, you can limit the uncertainty of your results.

Hypothesis testing has many applications in business, though few managers are aware that that is what they are doing. As you will see, hypothesis testing, though disguised, is used in quality control, marketing, and other business applications. Many decisions are made by thinking as though a hypothesis is being tested, even though the manager is not aware of it. Learning the formal details of hypothesis testing will help you make better decisions and better understand the decisions made by others.

The next section will give an overview of the hypothesis testing method by following along with a young decision-maker as he uses hypothesis testing. Additionally, with the provided interactive Excel template, you will learn how the results of the examples from this chapter can be adjusted for other circumstances. The final section will extend the concept of hypothesis testing to categorical data, where we test to see if two categorical variables are independent of each other. The rest of the chapter will present some specific applications of hypothesis tests as examples of the general method.

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