Managers use these tools to find relationships between variables, such as "Does increasing the ad budget lead to more sales?"
You cannot survey every customer, so you must use sampling. This section covers how to ensure your small group accurately represents the whole. Core Topics Random, stratified, and cluster sampling.
Drawing conclusions about a population based on a sample. ba4101 statistics for management notes pdf
Qualitative (categorical) vs. Quantitative (numerical). Probability and Distributions
Calculating conditional probability for revised decision-making. Managers use these tools to find relationships between
Business planning requires looking into the future. Time series analysis helps identify trends, seasonal patterns, and cyclical fluctuations. Techniques Smoothing out short-term fluctuations. Exponential Smoothing: Weighting recent data more heavily.
Summarizing data via mean, median, and mode. ba4101 statistics for management notes pdf
Comparing means across three or more groups.