Bit rate Vs Baud Rate

In digital Communication our Intention is to transfer Digital Data which is obviously seen in bit and therefore for that we use the term bit rate.

But As we can't send this digital data directly so for that we have to convert this digital data into some sought of signal and that is achieved by line coding techniques like NRZ, Manchester coding ....etc etc.
Now when we talk about speed here in sense of this signal then we talk about baud rate which is also known as pulse rate/ modulation rate/ baud rate or simply baud. 

You can also make a analogy of above concept as by a example of train where each carrier of a train is the signal element (baud) and passenger sitting inside that carrier is a data element (bit).
similarly signal rate (baud rate) and data rate(bit rate)

For Higher efficieny bit rate > baud rate
and To increase this efficiency only we have many line coding techniques

Formula for Baud rate is

Baud Rate = Bit rate
                     ------------
                     No. of data element carried by each signal element



There is some examples also for detail Understanding
For that [Click Here]