Statistics in Business
December 07, 2015
Statistics in Business
Statistics is a form of science where information learned from the collection of data. The data is involved in the application principle of quantitative interpretation and presentation for business purposes. Statistics are used for wide array of fields including business, education, marketing, economics, health, physics, sports, government, military, and many other fields. There are different types of statistics that are used for different purposes, and this paper will discuss them.
Different Types and Levels of Statistics
Though statistics is usually used as a general term, there are two forms of statistics, which are descriptive and inferential statistics. Descriptive statistics is the analysis of data ...view middle of the document...
All four of the different measurements has their purpose when using statistics for research. .
The Role of Statistics in Business Decision Making
Statistics play a huge rule in business decision for an organization. The reason statistics play a major role in business decisions is that statistics provides information of the market and competitors in the market. Businesses need accurate statistics to properly prepare for current or future decisions that the organization may have to make. Statistics analysis give the details for these decisions to be made. Not having these statistics will have an organization enter the market blindly which can be a disaster.
Situations in Which Statistics Can be used
Statistics is used on daily basis in different situations. One example of using statistics is to predict the weather. Weather analysis uses statistics to compare old weather to current weather to predict the future weather. Another example would be how companies predict where to sale their products. Companies will use store information to such as hot area is where flip flops sale the most. The stock market is another example of using statistics. Stock analysts use statistical ratios to predict what the future of the economy can be.
In closing, statistics is one most important tools in business as well as life. Statistics can be used in many ways and different fields. The way statistics used it would be hard to imagine the world without it. The importance of statistic could never be put into words and businesses are glad that this is available for use.
Lind, D.A., Marchal, W.G., & Wathen, S.A. (2011). Basic Statistics for Business & Economics (7th ed.). Retrieved from The University of Phoenix ebook Collection.
Research Methods: Inferential Statistics. (2014). Retrieved from http://www.socialresearchmethods.net/kb/statinf.php