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Business Analytics Principles, Concepts, and Applications: What, Why, and How by Christopher M. Starkey, Dara Schniederjans, Marc J. Schniederjans

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A. Statistical Tools

A.1. Introduction

The purpose of this appendix is to provide a brief overview of some basic statistical tools, including counting, probability concepts, probability distributions, and statistical testing. Other statistical methods and testing content will be presented in chapters and other appendixes.

A.2. Counting

Counting is an important prerequisite for computing probabilities. A probability example is usually made up of the ratio of a few observed behaviors over the total of all possible behaviors:

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To use this probability formula, we must determine both the numerator and the denominator of the probability estimate ...

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