Standard Deviation is defined as an absolute measure of dispersion of a series. It clarifies the standard amount of variation on either side of the mean. It is often misconstrued with the standard error, as it is based on standard deviation and sample size. Standard Error is used to measure the statistical accuracy of an estimate. It is primarily used in the process of testing hypothesis and estimating interval. These are two important concepts of statistics, which are widely used in the … [Read more...]

In economics, demand is defined as the quantity of a product or service, that a consumer is ready to buy at various prices, over a period. Demand Curve is a graph, indicating the quantity demanded by the consumer at different prices. The movement in demand curve occurs due to the change in the price of the commodity whereas the shift in demand curve is because of the change in one or more factors other than the price. The demand curve is downward sloping from left to right, depicting an … [Read more...]

Have you ever wondered why the one who is poor and in a shabby attire is regarded as uncivilized, even though he may be the most cultured person and the one in a sophisticated outfit, is called civilized, but, may not be having the sense of culture? Culture is everything about the human society, i.e. it refers to the knowledge and features of a specific group of people living in a region. On the other extreme, civilization is the breakthrough of the human society meaning that it is the … [Read more...]

There is a common misconception of the students that grant and scholarship are same, as both the schemes offer money to the students without having to repay them. However, there is a thin line of difference between these two terms, which remain unnoticed by many. While grants are awarded to all the persons who are in need of it, but scholarship is awarded to students only. Whether it's a student or a businessman or any other entity, finance is the basic requirement, which buys all the stuff, … [Read more...]

When data is collected, in bulk and assembled by the researcher, then the next step to the data preparation process is to arrange it in a concise and logical manner, called tabulation. It is a set of facts and figures which are presented in an organised way in rows and columns. While rows are meant to run horizontally, columns are drawn vertically. People often misconstrue rows for columns, as they are used in the matrix, spreadsheets and classroom settings too, for the purpose of bifurcating … [Read more...]

As you can see, there are many objects around us, have certain area or volume, though we do not recognise it. While the area is the region covered by the closed plane figure, the volume is the amount of space occupied by an object. The measurement of area is done in suqare metres, whereas the measurement of volume is done in cubic metres. The terms area and volume are two important concepts of mensurations have a wide usage not only in mathematics but also in our day to day life. The article … [Read more...]

The sequence is described as a systematic collection of numbers or events called as terms, which are arranged in a definite order. Arithmetic and Geometric sequences are the two types of sequences that follow a pattern, describing how things follow each other. When there is a constant difference between consecutive terms, the sequence is said to be an arithmetic sequence, On the other hand, if the consecutive terms are in a constant ratio, the sequence is geometric. In an arithmetic sequence, … [Read more...]

Someone has rightly said, "Learning has no end." Gone are the days when people believed that once they get the job, it's hard to continue studies. There are hundreds of programs run by the B-schools that offer degree courses in the working class. This not only increases their level of education but also boosts one's professional career. One such course is EMBA, which stands for Executive Master of Business Administration, which allows managers, executives, leaders, etc. to continue their … [Read more...]

There is a thin line of demarcation amidst t-test and ANOVA, i.e. when the population means of only two groups is to be compared, the t-test is used, but when means of more than two groups are to be compared, ANOVA is preferred. T-test and Analysis of Variance abbreviated as ANOVA, are two parametric statistical techniques used to test the hypothesis. As these are based on the common assumption like the population from which sample is drawn should be normally distributed, homogeneity of … [Read more...]

When it comes to research, in the field of business, economics, psychology, sociology, biology, etc. the Analysis of Variance, shortly known as ANOVA is an extremely important tool for analysis of data. It is a technique employed by the researcher to make a comparison between more than two populations and help in performing simultaneous tests. There is a two-fold purpose of ANOVA. In one way ANOVA the researcher takes only one factor. As against, in the case of two-way ANOVA, the researcher … [Read more...]