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  • Business Statistics Cheatsheet

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    1. This document provides a cheat sheet on business statistics concepts including descriptive statistics, measures of variability and association, detecting outliers, and assumptions of simple linear regression. 2. Key concepts covered include population and sample, parameters and statistics, measures of central tendency and dispersion, types of sampling and sources of bias, and methods for calculating the inter-quartile range and detecting outliers using the IQR rule and z-scores. 3. The cheat sheet also lists assumptions for simple linear regression including that the model is linear, there is random sampling and variation in the independent variable, and that the error term is unrelated to the independent variable.

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    26134 Business Statistics Cheatsheet

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    1. This document provides a cheat sheet on business statistics concepts including descriptive statistics, measures of variability and association, detecting outliers, and assumptions of simple linear regression. 2. Key concepts covered include population and sample, parameters and statistics, measures of central tendency and dispersion, types of sampling and sources of bias, and methods for calculating the inter-quartile range and detecting outliers using the IQR rule and z-scores. 3. The cheat sheet also lists assumptions for simple linear regression including that the model is linear, there is random sampling and variation in the independent variable, and that the error term is unrelated to the independent variable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    275 views2 pages

    Business Statistics Cheatsheet

    Uploaded by

    AJ
    1. This document provides a cheat sheet on business statistics concepts including descriptive statistics, measures of variability and association, detecting outliers, and assumptions of simple linear regression. 2. Key concepts covered include population and sample, parameters and statistics, measures of central tendency and dispersion, types of sampling and sources of bias, and methods for calculating the inter-quartile range and detecting outliers using the IQR rule and z-scores. 3. The cheat sheet also lists assumptions for simple linear regression including that the model is linear, there is random sampling and variation in the independent variable, and that the error term is unrelated to the independent variable.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 2

    !

    CHEAT SHEET

    26134: Business Statistics Calculate the Upper Quartile, Q3


    University Technology Sydney 2 Numerical Measures 3. Calculate the Inter-Quartile Range = Q3 – Q1
    Variability: 4. Detect outlier using the 1.5IQR rule:
    1 Descriptive Statistics 1 Range= Maximum – minimum Considered Outlier when:
    !
    Population: Collection of everything in the universe !!!(!! !!)!
    !
    ! < !1 − 1.5!"#,
    Population Variance = ! ! = !
    ! !ℎ!"!!"!!"##$%!!ℎ!!!"#$%!!"#$"!
    with regards to the variable !
    !!!(!! !!)!
    !
    Sample Variance = ! ! = ! Considered Outlier when:
    Parameter: A characteristic of the population !
    Population Standard deviation = ! = ! ! ! ! > !3 + 1.5!"#,
    Sample: Small group of things taken from the !ℎ!"!!"!!"##$%!!ℎ!!!""#$!!"#$"!
    population Sample standard deviation = s = ! !
    5. Identify and remove the outlier from data
    Statistic: A characteristic of the sample Sample co-efficient of variation (measures relative
    !
    Variable: Is a characteristic that we get data on variability) = !"! = !
    ! Z Score Method:
    Types of Sampling: Measures of Association !!!
    ! • !=
    !
    • Simple random sampling Population Co-variance: !!" = ! !!!(!! !!! )(!! !!! )
    ! • Decision Rule: Data values that lie beyond ±3
    • Stratified random sampling !
    !!!(!! !!)(!! !!)
    Sample Covariance: !!" = ! are considered outliers
    • Systematic sampling !
    Positive covariance indicates a positive linear Empirical Rule
    • Cluster sampling
    association, negative covariance indicates an inverse • Use the formula:
    • Convenience sampling !!!
    or negative linear relationship, 0 covariance indicates • !=
    • Judgement Sampling !

    Types of Bias: no linear association. • Substitute in ±3 as Z to determine the


    • Selection Bias Correlation Co-efficient: rejection region, !! .
    !!"
    • Measurement Bias Population correlation: ! = !
    !! !!
    • Response Bias !!" 4 Simple Linear Regression
    Sample correlation: ! = ! !
    • Confounding factors
    !! !! Assumptions of Linear Regression:
    Where: -1<!!, !<1 • Model is linear
    Ogives – Captures information about cumulative • Random sampling
    3 Issues in Data • There is some sample variation in X where
    Pie Charts - circular display of data, where the whole
    Detecting Outliers values of X are not all the same
    pie represents 100%
    IQR Method: • The error term and the independent variable
    Bar Chart - Easy to read and accurately interpret
    1. Arrange the data in ascending order are not related
    Pareto Graph – Bar Chart in descending order
    2. Calculate the Lower Quartile, Q1

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