Summary Preparation

BUSINESS STATISTICS




Module Guide



Copyright© 2022
MANCOSA
All rights reserved, no part of this book may be reproduced in any form or by any means, including photocopying machines,
without the written permission of the publisher. Please report all errors and omissions to the following email address:


, This Module Guide,
Business Statistics (NQF level 6)
module guide will be used across the following programmes:


 Advanced Certificate in Management Studies
 Bachelor of Commerce in International Business
 Bachelor of Business Administration
 Bachelor of Commerce in Human Resource Management
 Bachelor of Commerce in Marketing Management
 Bachelor of Commerce in Supply Chain Management

, BUSINESS STATISTICS




List of Contents ....................................................................................................................................................... 1

Preface.................................................................................................................................................................... 3

Unit 1: Introduction to Statistics............................................................................................................................. 10

Unit 2: The Nature of Data, Data Collection and Sources ..................................................................................... 15

Unit 3: Presentation of Data .................................................................................................................................. 28

Unit 4: Management Statistics .............................................................................................................................. 44

Unit 5: Probability Distribution Functions .............................................................................................................. 65

Unit 6: Prediction (Correlation and Regression) .................................................................................................... 88

Unit 7: Forecasting Methods Using Time Series Analysis................................................................................... 101

Bibliography ........................................................................................................................................................ 113




i

, Business Statistics



List of Contents
List of Figures and Illustrations

Figure 2.1: Data Codes for Qualitative Data ..................................................................................................... 20

Figure 2.2: Example of ordinal-scaled data ....................................................................................................... 21

Figure 2.3: Example of Interval-Scaled Data ..................................................................................................... 21

Figure 3.1: Table depicting rank of University research libraries....................................................................... 31

Figure 3.2: Grouped Frequency Distribution Showing Male Ages ..................................................................... 31

Figure 3.3: Student Marks ................................................................................................................................. 32

Figure 3.4: Tally of Student Marks .................................................................................................................... 33

Figure 3.5: Frequency table of Student Marks .................................................................................................. 34

Figure 3.6: Profit of Kings Plastic from 1997-2002 ............................................................................................ 35

Figure 3.7: Line Graph showing Kings Plastics Profits from 1997-2002 ........................................................... 35

Figure 3.8: Bar Graph (vertical) depicting Profits of Kings Plastics ................................................................... 36

Figure 3.9: Bar Graph (horizontal) depicting Profits of Kings Plastics ............................................................... 36

Figure 3.10: Pie Chart Showing Amounts Given to Sons .................................................................................. 37

Figure 3.12: Ages of 47 Males .......................................................................................................................... 38

Figure 3.13: Cumulative Frequencies of Student Marks ................................................................................... 39

Figure 3.14: Graph of Cumulative Frequencies of Student Marks .................................................................... 39

Figure 4.1: Grouped Data for Student Marks .................................................................................................... 48

Figure 4.4: A bimodal frequency distribution ..................................................................................................... 50

Figure 4.5: A Positively Skewed Distribution ..................................................................................................... 50

Figure 4.6: A Negatively Skewed Distribution ................................................................................................... 52

Figure 4.7: Calculation of Squared Deviation .................................................................................................... 56

Figure 4.8: Car ages –Variance Calculation...................................................................................................... 57

Figure 4.9: Intermediate Calculations for Variance ........................................................................................... 58

Figure 5.1: A Typical Normal Distribution .......................................................................................................... 71

Figure 5.2: Comparison of Actual and Predicted Frequency of Student Marks ................................................. 73



1 MANCOSA