## The Statistical Method in Business: Applications of Probability and Inference to Business and Other ProblemsThe nature of the statistical method; Some fundamental concepts; Sources of knowledge; The use of numbers; Elements of probability calculations; Some useful analytical tools; Making inferences about the unknown, or the problem of intelligent guessing; A theory and method for making inferences about the mean of a Universe from information supplied by a Random sample; Inference ratios as ingredients in planning and decision making; Pooling information; Inferences about later samples from information about prior samples; Inferences from information expressed as a continuous variable; Reducing uncertainty by association: the problem and the model for analysis; Reducing uncertainty by association: application of the model to practical problems; Reducing uncertainty by association: multiple correlation analysis; The problem of changes over time; The anatomy of an economic time series; Forecasting an economic time series; Index numbers: the comparison of group characteristics. |

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### Contents

The Nature of the Statistical Method | 1 |

Inferences from Information Expressed as a Con | 425 |

The Prob | 481 |

Copyright | |

3 other sections not shown

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### Common terms and phrases

actually analysis answer arithmetic mean association assume assumption average Bayes's theorem Bayesian Bayesian inferences bility binomial distribution calculate coefficient coin column consider correlation decision deck defectives difference equal evidence exactly example expect fact forecast formula frequency gasoline consumption given Hence hypothesis ignorance index number inference distribution inference ratios interval knowledge limits logarithmic logarithmic scale logical marginal probabilities matrix measure median method month normally distributed Note occur percentile period Poisson distribution pool possible practical prior distribution proba probability of getting problem random sample reasonably refer relationship relative sample means sample of five sampling errors scale scatter diagram scattergram scrap percentages second sample selected sense shown shows skewness standard deviation Suppose Table things tion toss Type II errors unit sales universe variable variance variation vertical vectors weighted arithmetic mean weights