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    Antim Prahar Business Statistics and Analysis - 240328 - 180758

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    Antim Prahar Business Statistics and Analysis - 240328 - 180758

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    Antim Prahar Business Statistics and Analysis - 240328 - 180758

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    of 15

    ANTIM PRAHAR

    The Most Important Questions


    By
    Dr. Anand Vyas
    1 Correlation Karl Pearson's and Spearman's
    Rank Correlation
    Karl Pearson’s Coefficient of Correlation is widely used mathematical
    method wherein the numerical expression is used to calculate the
    degree and direction of the relationship between linear related
    variables.

    Spearman rank correlation is a non-parametric test that is used to


    measure the degree of association between two variables. The
    Spearman rank correlation test does not carry any assumptions about
    the distribution of the data and is the appropriate correlation analysis
    when the variables are measured on a scale that is at least ordinal.
    Karl
    Pearson's
    Correlation

    Spearman's
    Rank
    Correlation
    2 Regression
    • Regression is a statistical measurement used in finance, investing and
    other disciplines that attempts to determine the strength of the
    relationship between one dependent variable (usually denoted by Y)
    and a series of other changing variables (known as independent
    variables).
    3 Probability (Card & Ball Question)
    • In our day to day life the “probability” or “chance” is very commonly
    used term. Sometimes, we use to say “Probably it may rain
    tomorrow”, “Probably Mr. X may come for taking his class today”,
    “Probably you are right”. All these terms, possibility and probability
    convey the same meaning. But in statistics probability has certain
    special connotation unlike in Layman’s view.

    • Addition and Multiplication Laws


    4 Mean, Median Mode
    • MEAN (ARITHMETIC)
    • The mean (or average) is the most popular and well known measure of central tendency. It can be
    used with both discrete and continuous data, although its use is most often with continuous data
    (see our Types of Variable guide for data types). The mean is equal to the sum of all the values in
    the data set divided by the number of values in the data set. So, if we have n values in a data set
    and they have values x1, x2, …, xn, the sample mean, usually denoted by (pronounced x bar), is:

    • MEDIAN
    • The median is the middle score for a set of data that has been arranged in order of magnitude.

    • MODE
    • The mode is the most frequent score in our data set. On a histogram it represents the highest bar
    in a bar chart or histogram. You can, therefore, sometimes consider the mode as being the most
    popular option
    5 Fisher Index Number
    • Fisher's method is a way of combining the information in the p-values
    from different statistical tests so as to form a single overall test: this
    method requires that the individual test statistics (or, more
    immediately, their resulting p-values) should be statistically
    independent.
    • Fisher's method is considered the most ideal because it uses both
    prices and quantities of base and current period and is based on
    geometric mean.
    6 Mean Deviation & Standard Deviation
    • Mean Deviation
    • To understand the dispersion of data from a measure of central tendency,
    we can use mean deviation. It comes as an improvement over the range. It
    basically measures the deviations from a value. This value is generally
    mean or median. Hence although mean deviation about mode can be
    calculated, mean deviation about mean and median are frequently used.

    • Standard Deviation
    • As the name suggests, this quantity is a standard measure of the deviation
    of the entire data in any distribution. Usually represented by s or σ. It uses
    the arithmetic mean of the distribution as the reference point and
    normalizes the deviation of all the data values from this mean.
    7 Application of Business Analytics
    • Companies use Business Analytics (BA) to make data-driven decisions. The
    insight gained by BA enables these companies to automate and optimize
    their business processes. In fact, data-driven companies that utilize
    Business Analytics achieve a competitive advantage because they are able
    to use the insights to:
    • Conduct data mining (explore data to find new patterns and relationships)
    • Complete statistical analysis and quantitative analysis to explain why
    certain results occur
    • Test previous decisions using A/B testing and multivariate testing
    • Make use of predictive modeling and predictive analytics to forecast future
    results
    8 Decision Tree
    • Decision Tree may be understood as the logical tree, is a range of
    conditions (premises) and actions (conclusions), which are depicted as
    nodes and the branches of the tree which link the premises with
    conclusions. It is a decision support tool, having a tree-like representation
    of decisions and the consequences thereof. It uses ‘AND’ and ‘OR’
    operators, to recreate the structure of if-then rules.

    • Decision Node: Represented as square, wherein different courses of action


    arise from decision node in main branches.
    • Chance Node: Symbolised as a circle, at the terminal point of decision
    node, the chance node is present, where they emerge as sub-branches.
    These depict probabilities and outcomes.
    9 Skewness Meaning and Types
    • Skewness, in statistics, is the degree of distortion from the
    symmetrical bell curve, or normal distribution, in a set of data.
    Skewness can be negative, positive, zero or undefined. A normal
    distribution has a skew of zero, while a lognormal distribution, for
    example, would exhibit some degree of right-skew.
    • The three probability distributions depicted below depict increasing
    levels of right (or positive) skewness. Distributions can also be left
    (negative) skewed. Skewness is used along with kurtosis to better
    judge the likelihood of events falling in the tails of a probability
    distribution.
    10 Central Tendency
    • A measure of central tendency is a summary statistic that represents
    the center point or typical value of a dataset. These measures indicate
    where most values in a distribution fall and are also referred to as the
    central location of a distribution. You can think of it as the tendency
    of data to cluster around a middle value. In statistics, the three most
    common measures of central tendency are the mean, median, and
    mode. Each of these measures calculates the location of the central
    point using a different method.
    •

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