Business statistics
Author Harish Vanjari
Future roll of statistics
MENGHINELLO et al (2 feb. 2022) xexpands The guidelines proposed by the United Nations Committee of Experts on Business and Trade Statistics and described in this paper to enhance the future development of business statistics are based upon two different but very closely related frameworks. The strategic and data production frameworks address, respectively, the issues of “what” and “how” NSOs should do to remain relevant in the business sector in a world of fast and radical changes. The strategic framework starts from a critical assessment of what is needed today in terms of global governance, priority setting, and coordination mechanism to ensure the production of new indicators by NSO. It aims at supporting NSOs to improving the quality of existing business data or to develop new business data and indicators in a reasonably short timeframe in order to improve the readiness of official statistics, both a the national and international level, to cope with increasingly complex and fast evolving users’ needs.
Realisation of ‘administrative data first’ in quarterly business statistics
LIKEN, and C PAGE (26 jun 2021 expands his paper has presented a broad overview of Stats NZ’s successful transformation to an ‘administrative data first’ approach for quarterly financial statistics. It has also described some of the methods and techniques used, as well as outlined the benefits, suchas increased flexibility, improved quality, and reduced respondent burden that they have realised in adopting this approach. These benefits will continue to accrue, particularly as we gain more data quarter by quarter in the expanded collection. Some of the challenges faced with this significant paradigm shift, particularly the changes in thinking needed were discussed, as well as the ongoing commitment required to maintain ‘administrative data first’. Specific data transformation methods we use may not apply directly to other administrative datasets.
Increasing knowledge retention of business statistics through discipline-specific case studies.
KOFORD, B. C.; PARKHURST, G. (6 nov. 2023.) says they have reported on an experiment designed to improve knowledge acquisition and retention through the use of discipline-specific case studies. Learning outcomes regarding case studies are usually compared against more traditional types of classroom activities such as lecture and discussions. In the present study, however, they compared disciplinespecific case studies against a learning activity that has already been shown to enhance learning. In other words, any enhancement from using discipline-specific case studies in this study represents an improvement above and beyond those obtained from traditional case studies. their results indicate that discipline-specific case studies, relative to traditional case studies, increase the likelihood a student will turn in case studies, but have no significant impact on knowledge acquisition (course grade) or knowledge retention.
Using partially synthetic microdata to protect sensitive cells in business statistics.
MIRANDA, J.and VILHUBER, L. (3 jan. 2023) ephasize they have described several alternate mechanisms to substitute for suppressions in smallcell tabulations of business microdata, with the goal of improving analytic validity while maintaining a sufficiently high standard of disclosure limitation. Neither mechanism fundamentally changes the existing suppression methodology, rather, the mechanisms work to fill in the holes created by the suppression methodology. In particular, the first methodology (Algorithm 1) can be used ex-post, after initial publication of tabulations with cell suppressions. Leveraging the availability of a high-quality synthetic dataset (the Synthetic LBD) with proven disclosure limitation efficiency and analytic validity [11], the first method is very simple, but may suffer from seam biases and time-inconsistenc.
Multiple student learning objectives in basic business statistics: Strategies, assessment, and recommendations.
SEBASTIANELLI (aug. 2023)state that This study illustrates an approach for enhancing student skills in statistical reasoning, oral communication, and ethical issues that can be implemented in any basic business statistics course without the need to sacrifice topic coverage. It incorporates many elements associated with recent trends in best practices, such as IBL, CFC, and second-level assessment. The main strategy is to use term projects, positioned at the end of a two-semester course sequence, for which students must apply appropriate statistical methods to analyze real data and present their findings. The unique aspect is that the “real data” for these projects are provided by the students themselves.
Restricted calibration and weight trimming approaches for estimation of the population total in business statistics.
METIN et al (17 feb 2022)says Restricted calibration estimators, which can be used to prevent the estimates from extreme weights especially for business statistics, were examined in this paper. In addition, we conducted some investigations on the effect of correlation structures between target variables and auxiliary variables for calibration estimators. Results indicate that the calibration estimators produce more efficient results than HT estimator does, especially when the target variable has a high correlation with the auxiliary variables. Exceptional cases may arise when the target variable has a very low variance and the sample size is very large.
Illustrating the Chi-Square Test Statistic Distribution via Interactive Excel Simulation Application in Introductory Business Statistics.
WELTMAN ( aug. 2022) expands his article explains an Excel based simulation approach applied to teaching foundational concepts in chi-square goodness of fit hypothesis tests. Students gain hands-on experience using a popular, multipurpose methodology for analyzing whether observed counts are statistically different from expectations. Such applications commonly appear in a variety of areas in business such as market share changes and training effectiveness programs, for example. Their approach allows students to experience for themselves a demonstration of important foundations regarding the methodology. We have found for business students, non-theoretical approaches such as this are effective.
Choosing Among Computational Software Tools to Enhance Learning in Introductory Business Statistics.
JOHNSON, and BERENSON, M. L. (21jan 2023) says AACSB has now mandated that analytics be integrated into the undergraduate business curriculum. Given that the subject of statistics provides the underpinnings of the developing discipline of business analytics, this article focuses on effective course delivery aimed at enhancing the learning of introductory business statistics in the modern world of big data. To this end, the choice and use of computational software tools are essential to the successful delivery of the course. A set of seven competing tools are compared and contrasted, their advantages and disadvantages are discussed, and a link is provided to show demonstrations of needed instructions and resulting output.
Basic Guidelines for Common Business Statistics Metrics.
WELTMAN, D and EAKIN, M. (0ct 2022) says Over the past many years of teaching students and conducting workshops for managers, analysts, and executives in Business Statistics and Analytics, participants have frequently expressed the need for a simple set of guidelines regarding interpretation of common basic statistical metrics: coefficient of variation, skewness, correlation, and pvalue. This article does just that in a single-page, user-friendly infographic. These guidelines are not flawless, so they are “first-level suggestions” and there are exceptions where our guideless may not be useful, but we believe they aregenerally accepted and work well for most common business applications. Brief overviews, descriptions, and origins provide perspective for each metric guideline
MODERNISATION OF BUSINESS STATISTICS: CHALLENGES AND OUTCOMES OF THE SLOVENIAN STATISTICAL OFFICE.
MIŠIĆ, E.(11 jun 2023) state that Business statistics are facing major challenges: the world economy has become global, more integrated. Development and growing importance of the service sector in recent years have led to increasing demands and needs for a separate and broader monitoring of services. At the same time there is strong pressure to cut red tape and reduce the burden on enterprises. For business statistics to continue to be relevant to users, to also balance the needs for information between traditional statistical areas and the areas of emerging economic phenomena and at the same time reduce the burden on enterprises, it was necessary to begin to invest in an integrated approach and renovation.
Summary
The UN Committee of Experts proposes guidelines for enhancing business statistics development, focusing on strategic and data production frameworks to address evolving user needs and global governance.Stats NZ has successfully shifted to an “administrative data first” approach for financial statistics, resulting in increased flexibility, quality, and reduced burden on respondents. Alternate mechanisms are proposed to substitute suppressions in small-cell tabulations of business microdata, aiming to improve analytic validity while maintaining disclosure limitayion Strategies for improving statistical reasoning, oral communication, and ethical understanding are discussed, including term projects utilizing real data provided by students themselves.Examining methods of prevent extreme weights in estimates, particularly for business statistics, and the impact of correlation structures on calibration estimators’ efficiency. An Excel-based simulation approach is explained for teaching chi-square goodness of fit hypothesis tests, offering hands-on experience for students.AACSB mandates integrating analytics into the undergraduate business curriculum, emphasizing the importance of computational software tools in course delivery.Simple guidelines are provided for interpreting common statistical metrics like coefficient of variation, skewness, correlation, and p-value, aimed at assisting students and practitioners in business statistics.
Overall, the text underscores the importance of adapting statistical methodologies and educational approaches to meet the evolving needs of businesses and students in a rapidly changing global economy.
references
JOHNSON, M. E.; BERENSON, M. L. (21jan 2023)hoosing Among Computational Software Tools to Enhance Learning in Introductory Business Statistics. Decision Sciences Journal of Innovative Education, [s. l.], v. 17, n. 3, p. 214–238, 2019. DOI 10.1111/dsji.12186. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=f48c6213-fbf9-35ce-b130-e8ebde612de3. Acesso em:
KOFORD, B. C.; PARKHURST, G. (6 nov. 2023.) Increasing knowledge retention of business statistics through discipline-specific case studies. Journal of Education for Business, [s. l.], v. 93, n. 8, p. 384–391, 2018. DOI 10.1080/08832323.2018.1503582. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=bd9631b1-1f03-3a92-844b-bd087c1af789. Acesso em: 2
LIKEN, C.; PAGE, M.; STEWART, J. (26 jun 2020 )Realisation of “administrative data first” in quarterly business statistics. Statistical Journal of the IAOS, [s. l.], v. 34, n. 4, p. 567–576, 2018. DOI 10.3233/SJI-180456. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=1fcd7a96-f342-34ca-b644-620f1ba01bcd. Acesso em:
MENGHINELLO, S. et al. (2 feb. 2022) A strategic and data production frameworks for the development of business statistics. Statistical Journal of the IAOS, [s. l.], v. 36, n. 3, p. 701–713, 2020. DOI 10.3233/SJI200687. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=06cada63-c070-3318-94cf-0bb7162278bb. Acesso em:
METIN, C. B.; ŞAHIN TEKIN, S. T.; ÖZDEMIR, Y. A. 17 feb. 2022Restricted calibration and weight trimming approaches for estimation of the population total in business statistics. Journal of Applied Statistics, [s. l.], v. 48, n. 13–15, p. 2658–2672, 2021. DOI 10.1080/02664763.2020.1869703. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=5431ce1e-1035-39f0-a04e-b934aa9e8b7f. Acesso em:
MIRANDA, J.; VILHUBER, L. (3 jan. 2023) Using partially synthetic microdata to protect sensitive cells in business statistics. Statistical Journal of the IAOS, [s. l.], v. 32, n. 1, p. 69–80, 2016. DOI 10.3233/SJI-160963. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=8f650e81-ad33-3387-be98-6924aa74af8a. Acesso em:
MIŠIĆ, E.(11 jun 2023) Modernisation of Business Statistics: Challenges and Outcomes of the Slovenian Statistical Office. Sarajevo Business & Economics Review (Zbornik Radova), [s. l.], n. 35, p. 73–85, 2017. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=7099069c-9090-380b-94f1-3f6e9dbd2b0c. Acesso em:
SEBASTIANELLI, R.7 aug. 2023 Multiple student learning objectives in basic business statistics: Strategies, assessment, and recommendations. Journal of Education for Business, [s. l.], v. 93, n. 7, p. 341–352, 2018. DOI 10.1080/08832323.2018.1493421. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=c04ca490-961c-3714-8763-6e0564e6dc52. Acesso em:
WELTMAN, D. ( aug. 2022) Illustrating the Chi-Square Test Statistic Distribution via Interactive Excel Simulation Application in Introductory Business Statistics. Business Education Innovation Journal, [s. l.], v. 13, n. 2, p. 101–106, 2021. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=9d0f75ad-b4d5-3f65-b255-13b848b4a249. Acesso em:
WELTMAN, D.; EAKIN, M. (0ct 2022)Basic Guidelines for Common Business Statistics Metrics. Business Education Innovation Journal, [s. l.], v. 10, n. 2, p. 21–26, 2018. Disponível em: https://research.ebsco.com/linkprocessor/plink?id=83f9c8fb-4089-339a-8037-831ed9cd4392. Acesso em: