ADMS 2320 – BUSINESS STATS
WEEKLY RECAP – WEEK #2
Welcome to the end of the second week of ADMS 2320: Business Statistics. I hope you’re settling into the rhythm of the course. As always, I’m Jason, here to guide you through this journey.
This week, we focused solely on Chapter 4, a crucial part of our course that will feature prominently on Term Test #1. This chapter is more intensive than Chapters 1 to 3 combined, so I hope you’re keeping up.
We delved into key concepts and calculations including Mean, Median, and Mode, understanding not only how to calculate them, but also their relationships and appropriate usage. We also explored Variance, Range, and Standard Deviation, learning how to calculate them and what they measure.
We were introduced to the Mean Absolute Deviation (M.A.D), Coefficient of Variation, the Empirical Rule, Chebyshev’s Theorem, Geometric Mean, Covariance, and the Coefficient of Correlation. These concepts might seem overwhelming, but remember, practice is key.
I want to stress the importance of consistent practice. It not only helps you understand these concepts but also enables you to perform calculations quickly, a crucial skill for the upcoming test.
Remember, I’m here to support you. Don’t hesitate to reach out if you have any questions or need clarification. Keep up the good work, and let’s conquer this course together!