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Statistics in Business

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Statistics in Business Statistics is the knowledge of collecting, organizing, presenting, analyzing, and interpreting data to help in making more actual conclusions. There are two different kinds of statistics they are inferential statistics and descriptive statistics. Inferential statistics is sometimes referred to as statistical inference; inferential statistics is used to estimate a property of a population on the basis of a sample. Descriptive statistics uses mathematical and graphical approaches to look for configurations in a data set, to summarize the information exposed in a data set, and to present the information in a useful method (McClare, Benson, & Sincich, 2011).
The roles of statistics in business decision making are generated by gathering and studying companies big groups of numerical data -when stats are used in the business, they provide business people with the information they need to implement long-term and short term methods, policies, and marketing initiatives. Loss statements and profit, customer management information, and shop share graphs are just a limited business utensils derived from the use of business statistics (McClare, Benson, & Sincich, 2011).
Three examples or problem situations in which statistics could be used are 1) Statistics on the testing of children with learning disabilities. 2) Statistics are a very important for insurance companies to calculate how many wrecks happen from year to year in a certain county. 3) Statistics are very important in various aspects of business; a great example is the grocery stores industry, it is the job of the business development team to determine how much merchandise to purchase doing the busiest time of year, there are reports that can be ran to get an estimate from the previous year, because over buying could lead to waste.

Reference
McClare, J., Benson, P., & Sincich, T.

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