Business statistics without tears

Abstract

While information professionals tend to be expert in finding statistical information resources, they tend to be less capable of handling and processing the numerical data that play such an important role in business information. This article reviews some of the basic mathematical and statistical techniques that are intensively used in the economic and business fields, to provide help to information professionals who may work with such material, and reveals how such concepts as series of index numbers and compound annual growth rates can be calculated using tools such as Excel spreadsheet functions. Some of the key elements of the Excel program are set out, including: basic arithmetic; working with percentages; working out CAGR (compound annual growth rate); index numbers; actual numbers; current and constant values; methods of describing data; data ranges; variance and standard deviation; and coefficient of variation. Detailed, worked examples are included to show how the Excel spreadsheets can be used to perform the necessary calculations. The article concludes with some useful statistical data websites, including: UK national statistics (http://www.statistics.gov.uk); Business Information portal (http://www.rba.co.uk); and Biz/ed (http://www.bized.ac.uk).