Business Statistics Formula Handbook
Table of Contents
Measures of Central Tendency – MEAN, MEDIAN, MODE
MEAN – It is the average of a given set of observation.
Ungrouped data
Grouped data
Direct Method:
Shortcut Method:
Combined Mean:
MEDIAN – It is the middle value of an observation
Ungrouped data:
Grouped data:
MODE – It is the value which occur the maximum number of times in a data
Ungrouped data:
Mode is the value which has the highest frequency.
Grouped data:
Relationship between Mean,Median and Mode
Measures of Dispersion
Range: It is the difference between the value of smallest observation and largest observation in a data.
Quartile Deviation:
Average Deviation:
Ungrouped Data:
Grouped Data:
Standard Deviation:
Ungrouped Data:
Assumed Mean Method:
Grouped Data:
S.D. of Natural Numbers:
Variance:
Relationship between Measures of Variation:
Correlation
Karl Pearson`s Co-efficient Method:
In case of Grouped data:
Spearman`s Rank Coefficient:
Regression Analysis
Regression Equation of Y on X:
Regression Equation of X on Y:
If deviations are taken from mean:
If deviations are taken from assumed mean:
Regression Coefficients:
Relation between coefficient of correlation and two regression coefficients:
Index numbers
Sampling
Mean:
Proportion:
Test of Hypothesis
Alternate Hypothesis – H1
Size of Sample – n
Types of Tests – One tailed, Two Tailed, Right tailed, Left tailed
| Sign | Type of Test | Keyword to look for |
| ≠ | Two tailed Test | Or Not, always, never |
| < | Left Tailed Test | Higher than, More than, Increased |
| > | Right Tailed Test | Lower than, Less than, Decreased |
Process:
- Formulate the hypothesis
- Set the significance level
- Decide the Test Statistic (z,t)
- Find out the critical value
- Make a conclusion
Use Z statistic when sample size is > 30
Use T statistic when sample size is < 30 and/or Standard Deviation is Unknown
Calculation of Z statistic
Mean
Difference of two mean
Counting
Proportion
Difference of two Proportions
Calculation of T statistic:
Mean:
Difference in two mean
Difference of two means with dependent samples
Chi Square Test
Interpolation
Extrapolation
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