Since an outline is such an important step in the process of writing a business plan, we’ve put together a high-level overview to get you started (and help you avoid the terror of facing a blank page). Once you
To determine how likely you are to close a sale, you’ll need to compare your successful deals against any you didn’t manage to close, and work out at which point you lost them. Once you’ve collated your statistics, it’s time to use them to work out how likely you are to conver...
Misleading statistics can lead to incorrect conclusions, poor decision-making, and a false sense of confidence in certain beliefs or assumptions. Common ways that statistics can be misleading include selective bias, neglected sample size, faulty correlations, and causations, and the use of manipulativ...
Point estimatesare single values that are used to estimate population parameters (such asmeans, proportions, andvariances). For example, if we wanted to estimate the mean age of all dog owners in the United States, we could use the point estimate provided by our sample mean age. ...
In statistics, the z score represents the standard deviation from the population for a particular data point. This measure tells us how far a specific value is from the mean of a set in relation to its standard deviation (standard deviation is the RMS value of all the different points and ...
Written byJDM Educational StaffinProbability & Statistics Finding the percentile for a number in a data set helps us to get a sense of where the number falls in the distribution. Microsoft Excel can find a given percentile for any set of values you choose as input. ...
One of the most common applications for visualizing data is to see the change in value for a variable across time. These charts usually have time on the horizontal axis, moving from left to right, with the variable of interest’s values on the vertical axis. There are multiple ways of enc...
Some advisors have different estimates: Bank of America estimated middle-income earners would need to save 9.2 times their salary by the time they’re in their early 60s in order to confidently replace their income. Bankrate’s retirement calculatorcan help you get a better idea of how much mo...
Get a random sample of the population. If your sample is not random, estimates of the proportion (and other quantities) may be biased. For example, if you want to estimate the proportion of boys in an elementary school, you could assign a number to each student, then randomly pick a sam...
As financial crisis aftereffects continue to dissipate and digital technologies are further integrated into business processes, we expect productivity growth to recover from current lows across sectors and countries. Overall, we estimate that the productivity-boosting opportunities could be at least 2 perc...