Practical Business Statistics

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A comparative analysis made between statistics examination papers set a few decades ago in tertiary institutions and relevant professional bodies, has revealed a significant difference in both form and content, rising from a general knowledge of statistics which did not require much in-depth knowledge of the subject, to business statistics being an application of advanced statistical principles or techniques to various facets of human endeavor such as agriculture, medicine, engineering, economics etc. There is no facet of human endeavor which has not been turned into a lucrative business venture. This means that business statistics is growing concomitantly with the emergence and growth in business of all kinds — small, medium and large scale. Business statistics, at the last count, will become one of the most expansive fields of study having a relationship with every aspect of human endeavours. Businesses which have not had the statistical touch are lacking in a vital stimulant for growth. Even in government, we hear of government business not necessarily in terms of profit-making but in terms of applying the statistical science of collecting, analyzing, classifying and interpreting quantitative and other data and hence generating adequate information with predictive and growth stimulating value. This practical business statistics text as the name implies, approaches the subject from a practical point of view rather than as if it were an abstract which has no application in the real world. It provides users (students and others) with a body of knowledge which are well expounded, and the user is led through the most basic and fundamental to the higher practical aspects of the subject. These are all reflected in the examples and solutions given in the body of the text in respect of each topic covered. Practice questions are given at the end of each chapter to test the understanding of the student or other users. The text is written in style to serve a dual purpose of being a text book and revision kit in one. Programme Coverage The content of this book is designed to meet the statistics examination needs of students in Universities, Polytechnics, colleges of technology, colleges of Education, colleges of science and technology, etc. – Study text for departments of mathematics and statistics (Business Statistics Part) – Study text for statistics part of Quantitative Analysis paper of Accountancy Professional Bodies (e.g ICAN; ANAN etc) Study text for candidates preparing for business statistics examination of any professional body. Lecture materials for lecturers in Business Statistics in any institution of learning Our prayer is that the content of this text will raise the subject of business statistics to a higher level than it is now and both students and non-student users will find great delight in its use.

Samuel O. Udoh, AIAB (London),
ACA Oku E. Okon, B.Sc; MBA (Accounting)

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Chapter 1 Nature of Business Statistics
Chapter 2 Statistical Enquiries or Surveys
Chapter 3 Data Presentation and Description
Chapter 4 Measures of Location
Chapter 5 Measures of Dispersion
Chapter 6 ProbabilitY
Chapter 7 Probability Distribution
Chapter 8 Sampling Theory and Statistical Inference (Estimation)
Chapter 9 Hypothesis Testing (1): Parametric Tests of Significance
Chapter 10 Hypothesis Testing (2): The Chi-Square Test of Significance
Chapter 11 Relationships and Forecasting (1) Regression Analysis etc
Chapter 12 Relationships and Forecasting (2) Time Series
Chapter 13 Index Numbers

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