Business Statistics with Solutions in R
Mustapha Abiodun Akinkunmi
- 276 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
Business Statistics with Solutions in R
Mustapha Abiodun Akinkunmi
About This Book
Business Statistics with Solutions in R covers a wide range of applications of statistics in solving business related problems. It will introduce readers to quantitative tools that are necessary for daily business needs and help them to make evidence-based decisions. The book provides an insight on how to summarize data, analyze it, and draw meaningful inferences that can be used to improve decisions. It will enable readers to develop computational skills and problem-solving competence using the open source language, R.
Mustapha Abiodun Akinkunmi uses real life business data for illustrative examples while discussing the basic statistical measures, probability, regression analysis, significance testing, correlation, the Poisson distribution, process control for manufacturing, time series analysis, forecasting techniques, exponential smoothing, univariate and multivariate analysis including ANOVA and MANOVA and more in this valuable reference for policy makers, professionals, academics and individuals interested in the areas of business statistics, applied statistics, statistical computing, finance, management and econometrics.
Frequently asked questions
Information
1 Introduction to Statistical Analysis
Product price | Number of similar businesses | Rent for the business premise | Location | Presence of basic infrastructure |
---|---|---|---|---|
US$150 | 6 | US$2000 | Nigeria | No |
US$100 | 18 | US$3000 | South Korea | Yes |
1.1 Scales of Measurement
- Nominal Scale: In this scale, numbers are simply applied to label groups or classes. For instance, if a dataset consists of male and female, we may assign a number to them such as 1 for male and 2 for female. In this situation, the numbers 1 and 2 merely denote the category in which a data point belongs. The nominal scale of measurement is applied to qualitative data such as gender, geographic classification, race classification, and so on.
- Ordinal Scale: This scale allows data elements to be ordered based on their relative size or quality. For example, buyers can rank three products by assigning them 1, 2, and 3, where 3 is the best and 1 is the worst. The ordinal scale does not provide information on how much better one product is compared to others, only that it is better. This scaling is used for many purposesâsuch as grading, either stanine (1 to 9) or A to F (no E) where a 4.0 is all As and all Fs are 0.0; or rankings, such as on Amazon (1 to 5 stars, so that that 5.0 would be the highest ranking), or on restaurants, hotels, and other data sources which may be ranked on a four- or five-star basis. It is therefore quite important to know the data range when using this data. The availability of ...