Role of Statistics Essay

October 3, 2017 Business

Define Statisticss
Statisticss is the pattern of garnering. screening. and categorising numerical information in an organized format that can be used to get consequences to specific jobs. Harmonizing to McClave. Benson. and Sincich ( 2011 ) . “Statistics is the scientific discipline of informations. It involves roll uping. sorting. sum uping. forming. analysing. and construing numerical information” ( p. 3 ) . Different Types and Levels of Statistics

There are two types of statistics. One is descriptive which defines the variable being surveies by utilizing artworks to expose and step consequences. The other is illative which tries to acquire consequences beyond the informations collected and a chance measuring is needed to warrant the result. McClave. Benson and Sincich ( 2011 ) . accent that descriptive statistics use numerical and graphical methods to look for forms in informations set and sum up the consequences. Inferential statistics uses sample informations to do estimations and anticipations ( p. 3 ) . Levels of Statistics

All informations are non created equal. some are qualitative and quantitative. Nominal and Ordinal autumn under quantitative degree and Interval and Ratio comes under qualitative degree. The Nominal degree is the lowest and informations can merely be counted or categorized. Ordinal information at this degree can be put in order but there is no difference between the informations collected. Interval is similar to ordinal except that the order attached to the informations collected is of import. Ratio is the highest degree of measurings. This is similar to the interval degree but with a nothing value which is indispensable to doing comparings. Role of Statistics in Business Decision Making

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Statisticss is used in concern determination devising to assist companies maintain their competitory border and build length of service. Statistical Examples

Statisticss can be used to cipher the ratio of Alzheimer patients between work forces and adult females of a certain age. HUD uses nothing codifications to supply particular plans for households that will enable them to buy a place. Businesss use statistics to picture demographics to market their merchandises.

Mentions
McClave. J. T. . Benson. P. G. . & A ; Sincich. T. ( 2011 ) . Statistics for concern and economic sciences ( 11th ed. ) . Boston. MA: Pearson-Prentice Hall.

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