Ability to apply various statistical tools and techniques in the process of business analytics

1. • Mean (Average)
• Median (Middle number)
• Mode (Most frequent number)
• Variance (difference)
• Standard deviation (How far is variable from
mean)

2. Variance(σ 2 or S2 or SD2 ):
• Difference between actual value and mean

3. Standard deviation σ or S:
• Higher the S.D., higher the risk.
• It is originally denoted by σ, the Greek letter
Sigma or S