Education and Career Forum

Business Statistics is considered an important subset of Business Management wherein students are trained to use various statistical techniques and packages to derive conclusions for large amounts of data collected, compiled and scored. This conclusion is drawn based on the demand of the subject viz. financial analysis, auditing, evaluation and econometrics. Emerging from the field of applied statistics, this subject settles on the topics such as types of statistics namely descriptive and inferential and their objectives, different elements of statistical analysis such as degrees of freedom, levels of significance, confidence interval, critical ratio, probability, sampling types, error variance and experimental variance. Mathematical techniques are taught as well especially the ones apt for the analysis procedure like one-way and two-way ANOVA, ANCOVA, correlation, partial correlation, regression, multiple regression, parametric tests and non-parametric tests. Practical training is given in development of computer skills for facilitated use of statistical packages like EXCEL and SPSS.