Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

1. Introduction to Statistics

Intro to Stats

Statistics for Business

1. Introduction to Statistics

Intro to Stats

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Struggling with Statistics for Business?

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Multiple Choice

Which statement best defines a competency in the context of statistics?

A competency is the process of collecting raw data from surveys.

A competency is a specific formula used to calculate probability.

A competency is a type of statistical graph used to display data.

A competency is the ability to apply statistical knowledge and skills effectively to solve problems.

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Verified step by step guidance

Step 1: Understand the term 'competency' in the context of statistics. Competency refers to the ability to effectively apply statistical knowledge and skills to solve problems, rather than focusing on specific tools or methods like data collection, formulas, or graphs.

Step 2: Analyze the given options. Option A refers to data collection, which is a process rather than a competency. Option B refers to a formula, which is a tool used in statistics but does not define competency. Option C refers to a graph, which is a visualization tool, not a competency.

Step 3: Compare the correct answer provided in the problem with the definition of competency. The correct answer aligns with the idea that competency involves applying knowledge and skills effectively.

Step 4: Recognize that competency is broader than individual tools or processes. It encompasses the ability to understand, interpret, and use statistical concepts to address real-world business problems.

Step 5: Conclude that the correct answer is: 'A competency is the ability to apply statistical knowledge and skills effectively to solve problems,' as it captures the essence of what competency means in the context of statistics.