Introduction to probability and statistics

From Wikiversity
Jump to navigation Jump to search

Welcome to the Basic Probability and Statistics learning project of the Wikiversity Master of Business Administration Program.

Getting started[edit]

The grounding for many further concepts in business, as in other applied disciplines, is a thorough understanding of statistics. A good free source for understanding probability is Introduction to Probability. In particular regression analysis is going to be useful. Regression is fundamental to the concept of Beta in Finance and conjoint analysis in Marketing. In addition, the statistical concepts of standard deviation and variance are the fundamental concepts which underly the principle of pooling risk in operations management.

The directions on how to perform a regression analysis in Excel can be found online at Regression Analysis Using Microsoft Excel. Once you have completed a few regressions in Excel, you have performed the highest level of statistical analysis that most MBA's become familiar with. Congratulations! You are ready to move on.

See also[edit]