Business Statistics tools.
Each tool teaches the idea step by step. Switch to Solve at the top of any tool for exam-style questions, worked with you.
Probability
Probability rules, contingency tables and Bayes' theorem
Experiments, outcomes and events, the addition and multiplication rules, conditional probability and independence, joint and marginal probabilities from a contingency table, Bayes' theorem, and the counting rules (permutations and combinations). Solve: exam questions worked step by step.
Open the toolBinomial, Poisson and hypergeometric distributions
Discrete random variables and their probability distributions: expected value and variance, then the binomial, Poisson and hypergeometric distributions, when each applies, and the Excel functions that compute them. Solve: exam questions worked step by step.
Open the toolThe normal, uniform and exponential distributions
Continuous random variables and areas under a curve: the normal distribution, z-scores and the standard normal table, finding a value from a probability, the normal approximation to the binomial, then the uniform and exponential distributions. Solve: exam questions worked step by step.
Open the toolSampling and estimation
Sampling and the central limit theorem
Why we sample and how (simple random, systematic, stratified, cluster), sampling and non-sampling error, the sampling distribution of the mean and the central limit theorem, the standard error, the finite population correction, and the sampling distribution of the proportion. Solve: exam questions worked step by step.
Open the toolConfidence intervals and sample size
Point estimates and margins of error, confidence intervals for a mean with sigma known (z) and unknown (t), intervals for a proportion, the sample size needed for a given margin of error, and the finite population case. Solve: exam questions worked step by step.
Open the toolHypothesis testing
Hypothesis tests for one population
Null and alternative hypotheses, one- and two-tailed tests, test statistics, critical values and p-values, Type I and Type II errors and the power of a test, then the z-test and t-test for a mean and the z-test for a proportion. Solve: exam questions worked step by step.
Open the toolHypothesis tests comparing two populations
Comparing two means with independent samples (sigma known, and unknown with equal or unequal variances), paired samples (matched pairs), and two proportions: the hypotheses, the test statistic, the degrees of freedom, the p-value and the confidence interval for the difference. Solve: exam questions worked step by step.
Open the toolExam coming up in business statistics?
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