a. View Business Statistics-Problems Set 1 (1).pdf from STATISTICS STAT101 at NED University of Engineering & Technology, Karachi. Q. To be successful, you need to be able to make connections between statistical ideas and statistical formulas. Small businesses employ 59 million people in the U.S.A. 50% of all small businesses are operated from home. Health, Beauty, and Fitness Businesses have increased by 34% in 2018. P(X … 84% of small business … The events X and Y are mutually exclusive. Scope of statistics are very wide. Ans. If P(X) = .05 and P(Y) =.02. 7. Statistical Inference/ Business Statistics Problems Set What is the probability of either X or Y occurring? Statistics problems take on a wide range, from pie charts, bar graphs, means, and standard deviation to correlation, regression, confidence intervals, and hypothesis tests. (Source: Guidant Financial) Food businesses became the second most popular small business industry in 2018 … 82% of businesses that fail do so because of cash flow problems. In any area where problems … 4 State the limitation of statistics? c) Business Applied Statistics : Under this branch statistical methods are used for the study, analysis and solution of various problems in the field of business. Practical Small Business Statistics for Your Company. Through practice, you see what type of technique is required for a problem … Business Statistics Chapters 5 Selected Homework for Practice Chapter 5 1.