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Quantitative Technic

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Quantitative Techniques in Business
Introduction to Statistics In the business world, and in fact, in practically every aspect of daily living, quantitative techniques are used to assist in decision making. Why? Unlike the classroom, in the “real world” there is often not enough information available to be guaranteed of making a correct decision. For instance, if advertisers would like to know how many households in the United States with televisions are tuned to a particular television show, at a particular date and time, it would be impossible to determine without the complete cooperation of every household and an astonishing amount of time and money. If a consumer protection agency wanted to determine the true proportion of prescription drug users who also use herbal non-regulated over-the-counter supplements, this information would most likely not be available. As a result of the inability to determine characteristics of interest, the application of statistics, and other quantitative techniques has developed.
Statistics is defined as the process of collecting a sample, organizing, analyzing and interpreting data. The numeric values which represent the characteristics analyzed in this process are also referred to as statistics. When information related to a particular group is desired, and it is impossible or impractical to obtain this information, a sample or subset of the group is obtained and the information of interest is determined for the subset. For instance someone is interested in the average annual income of all the students with majors in the College of Business Administration at Sam Houston State University, the only way this information could be obtained is if the annual income of every student in this population could be collected, recorded and analyzed without error. Since this would take considerable time and money, and since the

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