Business statistics is the science of good decision making in the face of uncertainty. It can be used in many disciplines, such as financial analysis, econometrics, auditing, production, and operations. Operations can include service improvement and marketing research.
Business statistics is a branch of applied statistics that deals with data collected as a by-product of doing business or by government agencies. Business statistics questions feature regular repetitive publication of series data. This makes time series important for this type of statistics. A typical Business Statistics course is intended for business majors. It covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and binomial and normal distributions.
Here is an example of a Business Statistic question:
A professor of industrial relations believes that an individual's wage rate at a factory (Y) depends on his performance rating (X1) and the number of economics courses the employee successfully completed in college (X2). The professor randomly selects 6 workers and collects the following information:
Employee Y($) X1 X2
1 10 3 0
2 12 1 5
3 15 8 1
4 17 5 8
5 20 7 12
6 25 10 9
Referring to the table, for these data, what is the estimated coefficient for performance rating, b1?