Business Statistics Theory and Applications

Statistics in business enables managers to analyse past performance, predict future business practices and lead organizations effectively. Management students being budding mangers entails better understanding of statistics and it’s the application in business. Statistics is applied predominantly in data analytics. Emergence of data-driven decision systems have given rise to, a numerous opportunity to the management students to make their careers as data scientists. The book “Business Statistics – Theory and Applications” has been written to cater the needs of students who want to obtain a reasonable grasp of basic statistical techniques in a limited time. The emphasis throughout the book is on understanding through practice, interpretation of results and their application to the real-life problems. Statistical theory and derivation of formulae are deliberately kept to a minimum to enhance confidence in students who dearth mathematical ability to understand statistical techniques. Each chapter of the book includes the necessary theory and fair number of solved examples mostly from university exam papers are provided to motivate students to apply statistical techniques to real data and draw statistical inferences. Review questions at the end of every chapter of book are extracted from university question papers so the students get fair idea of questions pattern in examination. The book covers concepts and techniques of both descriptive and inferential statistics, which becomes syllabus of most of the universities across globe. This book may serve as reference book for the management students of both UG and PG programs, especially to MBA students.