Basics of Correlation

  Definition “Correlation is easy to calculate and easy to misinterpret — the two properties that make it one of the most exam-tested topics in statistics. The Statistics Made Simple textbook covers correlation and its pitfalls with a modern, worked-example...

Regression

Definition “The least-squares method here is the same one that powers every regression model in modern data science, just done by hand. The Statistics Made Simple textbook builds this up from the same starting point with matching practice questions. Regression is a...

Mode in Statistics

Definition Mode is the only measure of central tendency that works for categorical data. The Statistics Made Simple textbook covers mode alongside mean and median with a modern, worked-example approach. The mode is defined as the value in the data, which occur the...

Quartiles, Deciles and Percentiles

Introduction: In Statistics, we commonly encounter the concept of the median, which represents the middle value or mean of the two middle values in a dataset. However, there are other essential values that divide data into equal parts for more comprehensive analysis....

Median in Statistics

Median is one of the most exam-tested descriptive statistics, especially when data is skewed or has outliers. The Statistics Made Simple textbook covers median alongside mean and mode with a modern, worked-example approach. Definition The median divides a frequency...

Mean and its Types in Statistics

Arithmetic, geometric and harmonic mean each answer a different question, and knowing which one a problem is actually asking for is half the battle. The Statistics Made Simple textbook covers all three with a modern, worked-example approach. Averages Introduction We...

Types of Frequency Distribution

Cumulative, relative, and bivariate distributions are all built from the same base table, and getting comfortable moving between them is mostly a matter of practice. The Statistics Made Simple Practice Questions workbook has a dedicated section on exactly this....

Frequency Distribution

Frequency distributions are the foundation everything else in this subject builds on. The Statistics Made Simple textbook covers this same material with a modern, worked-example approach and matching practice questions. Introduction Before preparing frequency...

Sources of Monopoly Power

We all know that pure monopoly is very rare in today rapidly growing and progressing businesses. Every now and then we have competitors around us so we barely see such companies who can rule the whole market without having any barriers or alternative.  Yet there are...