Business Statistics

Probability The probability is a numerical measure of the likelihood or chances that a specific event will occur or not. It is denoted by ‘P’ […]

Skewness Skewness is the representation of an imbalance and asymmetry from the mean of data distribution. It is a descriptive statistical measure used to measure […]

Range, Quartile Deviation, and Standard Deviation 1. Range The Range is defined as the difference between the largest item and the smallest item in a […]

Mode It is also the major measure of central tendency. The dictionary meaning of the term mode is ‘most used’. Thus it is the value, […]

Partition Values Partition values are those varied values that divide the total set of observations into four equal parts maybe 4, 10 or 100. Partition […]

Median Data The variable values dividing the total set of observations into two equal parts of the data is called the median data. For a data […]

Arithmetic Mean A simple mean of a set of observations is the sum of all observations divided by the number of observations.  The arithmetic mean […]

Methods of forming Class Interval There are two methods of forming class intervals like exclusive method and inclusive method. 1. Exclusive Method The formation of […]