Category Archives: Business Statistics

5 differences between correlation and regression

Last time we have discussed the concept of regression analysis. Let us discuss the difference between correlation and regression. CORRELATION 1 ) correlation means relationship between two or more variables.     2) It is only a tool of ascertaining … Continue reading

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Explanation of Regression analysis with regression equation and regression line

Meaning of Regression analysis: It means stepping back and returning to average value. This is propounded by Sir Francis Galton. It is the measure of average relationship between two or more variables in terms of the original units of data. … Continue reading

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Null hypothesis and Alternative hypothesis

Let us discuss the difference between null and alternative hypothesis: Null hypothesis The hypothesis we want to test or a hypothesis of no difference is called null hypothesis. It is denoted by Ho. for example if we want to test … Continue reading

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Meaning, testing and types of hypothesis

Meaning of hypothesis: It is a quantitative statement about population. It is some assumption or statement which may or may not be true about a population, which we want to test on the basis of evidence of random sample. Testing … Continue reading

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Properties and importance of normal distribution

Meaning of Normal distribution or law of error Binomial and passion distribution are discrete probability distribution. But normal probability distribution commonly called normal distribution. It is theoretical distribution for the continuous variable. The normal distribution was first discovered by English … Continue reading

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Types of sampling

Sampling is mainly divided into two types; probability or random sampling and non probability or non random sampling. In other words, Sampling methods are broadly classified into probability or random sampling and non probability or non random sampling. Let us … Continue reading

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Types of errors in statistics

Errors in statistics or any statistical investigation can be broadly classified in two types: a)      Sampling errors and b) non sampling errors a)      Sampling errors: Even after taking care in selecting sample, there may be chances that true value is … Continue reading

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Error in Statistics and its reasons

Definition Error in Statistics: Error in statistics means the difference between true value and the estimated value. It is different from the mistakes which may be done while making calculations or observations.

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Advantages and disadvantages of sample method

A Finite subset of population, selected from it, with the objective of investigating its properties is called ‘sample’. In sample method we select a part of the universe and conclusions are drawn on the basis of entire universe. R. A. … Continue reading

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Meaning and principles of sampling

Meaning of sample A Finite subset of population, selected from it, with the objective of investigating its properties is called ‘sample’. The number of units in the sample is known as sample size.  Sample helps in drawing conclusion about the … Continue reading

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