...Statistics in Business Kathleen S. Power-Davenport QNT/351 May 25, 2015 Lance Milner Statistics in Business Introduction Statistics is "the science of collecting, organizing presenting, analyzing, and interpreting data to assist in making more efficient decisions" (Lind, Marchal & Wathen, 2011). This paper will summarize the types, levels, and the role of statistics in business decision making, followed by examples of statistics in action. Types, Levels, and the Role in Business Decision Making The two categories of statistics are descriptive and inferential. Descriptive statistics is the analysis of data that describes, or summarizes the data in a meaningful way (Laerd Statistics, 2013). Business leaders can organize large amounts of data into a comprehensive format utilizing descriptive statistics. But descriptive statistics do not make conclusions about the data. An inferential statistic is calculated by taking a sample of the data from the population, and drawing a conclusion about the whole based on the small amount (Lind, Marchal & Wathen). Decision makers move forward based on a conclusion drawn from statistical inference. The data gathered for statistics is classified into four levels of measurement: nominal, ordinal, interval and ratio (Lind, Marchal & Wathen). Data at the lowest level is nominal and has a qualitative variable divided into categories or outcomes. Ordinal data is qualitative and represented by sets of labels or names...
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...Statistics in Business Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation, and presentation of data. It also provides tools for prediction and forecasting based on data. It is applicable to a wide variety of academic disciplines, from the natural and social sciences to the humanities, government and business ("Statanalysis Consulting", 2013). Statistics is used in decision making that affects our everyday lives. The study of statistics is divided into two categories and has four levels of measurements. The two types of statistics are descriptive statistics and inferential statistics. Descriptive statistics is the organizing, presenting, and analyzing of data in an informative way. Inferential statistics is the methods used to estimate a property of a population on the basis of a sample. The four levels of measurements in statistics are nominal, ordinal, interval, and ratio. The first scale is nominal. The nominal level of measurement is the lowest level. Nominal data deals with names, categories, or labels. The next level is called the ordinal level of measurement. Data at this level can be ordered, but no differences between the data can be taken that are meaningful. The interval level of measurement deals with data that can be ordered, and in which differences between the data does make sense. The fourth and highest level of measurement is the ratio level. Data at the ratio level possess all of the features of the...
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...Statistics in Business Amy Lawrence Qnt/275 04/04/16 Cynthia Roberts Statistics in Business Statistics - a science of producing useful results from data that is manipulated in specific ways. An example of this would be to keep a count of how often a red bear sold over a blue bear and after a specific amount of time, use the data to eliminate the bear that sold less so that space in the store could be used for a better selling item. “Statistics is the science of learning from data, and of measuring, controlling, and communicating uncertainty; and it thereby provides the navigation essential for controlling the course of scientific and societal advances” American Statistical Association. (2016). What is Statistics?. Retrieved from http://www.amstat.org/careers/whatisstatistics.cfm Quantitative data – Simply put this type of data is expressed as numbers or can be measured. They can be found by using the ordinal, interval or ratio scales. The numbers used in this way is manipulated statistically with equations. Qualitative data is representative of people’s culture, gender, economics or religion or just general groups of people. The qualitative data can be shown as ordinal which have three or more categories in a set order, dichotomous which mean only two categories such as male or female or nominal which have no order and three or more categories. Quantitative data are numbers that reflect what has been seen or tracked such as how many times...
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...Statistics in Business QNT/275 June 29, 2016 Statistics in Business According to "Define Statistics At Dictionary.com the science that deals with the collection, classification, analysis, and interpretation of numerical facts or data, and that, by use of mathematical theories of probability, imposes order and regularity on aggregates of more or less disparate elements. Quantitative vs. Quantities There are two general types of data. Quantitative data is information about quantities; that is, information that can be measured and written down with numbers. Some examples of quantitative data are your height, your shoe size, and the length of your fingernails. Speaking of which, it might be time to call Guinness. You've got to be close to breaking the record. Qualitative data is information about qualities; information that can't actually be measured. Some examples of qualitative data are the softness of your skin, the grace with which you run, and the color of your eyes. However, try telling Photoshop you can't measure color with numbers. Here's a quick look at the difference between qualitative and quantitative data. The age of your car. (Quantitative.) The number of hairs on your knuckle. (Quantitative.) The softness of a cat. (Qualitative.) The color of the sky. (Qualitative.) The number of pennies in your pocket. (Quantitative.) Remember, if we're measuring a quantity, we're making a statement about quantitative data. If we're describing qualities, we're making a...
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...What I’ve Learned about Statistics Statistics is all around us that, in fact, it would be difficult to go through the day without being flooded with some sort of statistics or statistical information. It is so commonly used in everyday conversations – be it regarding customer surveys, weather forecasts, political polls, or sports statistics – that we find it difficult to differentiate flawed from actual valid claims. So many times we hear “9 out of 10 says…” or “99 percent of the people” that statistics has been labeled as the science of stating precisely what we do not really know. In this paper, I will break down what statistics actually is and its daily application in our lives, business and personal. Statistics and Its Importance Statistics is more than just a complex branch of mathematics. It is the collection, classification, analysis, and interpretation of numerical facts from data (Dunn & Fahey, 2005) that businesses use to evaluate trends and make estimates or forecasts critical to its success and/or failure. When done correctly, the use of historical data or trends can help make future business decisions leading to the success of your organization (Carden, 2013). In economics, for instance, relationships between supply and demand are found using statistical information. In this paper, I will use the Air Force Reserve Officer Training Corps (AFOQT) cadet life cycle information to explain some of the basic facets of statistics. Types of Statistical Data ...
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...Statistics in Business Lula Mae Blake QNT/351 May 4, 2015 Sara Skowronski Statistics in Business According to dictionary definition it is “the science that deals with the collection, classification, analysis, and interpretation of numerical facts or data, and that, by use of mathematical theories of probability, imposes order and regularity on aggregates of more or less disparate elements (2015).” Identify different types and levels of statistics Types and levels of statistics include: Descriptive statistics: numerical and graphical methods that observe patterns in data set to give a summary of the information so it can be presented in an understandable format. Inferential statistics: is sample data that comes up with estimates, decisions, predictions, or other general particulars about a larger set of data. Experimental unit: is a fundamental element – an object (person, thing, transaction, or event). Another fundamental is Population: which is a set of units including people, objects, transactions, or events used in a study. A sample is the subject of the units of a population. Variable: describes the character or property of an individual experimental unit. It is known as univariate data which is a study the looks at only one variable, and bivariate data that deals with the study or relationship of two variables. Measurement: is an important factor of studying variables, as is qualitative and quantitative variables. Describe...
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...Statistics for Business RES/351 Abstract This paper defines statistics as used in business, identifies different types and levels of statistics, and discusses the role of statistics in business decision-making. Within this paper, three examples of situations in which statistics are commonly used are also discussed. Statistics for Business The use of statistics in business is the collection, organization, analysis, and interpretation of various data used in business and marketing. Two types of statistics commonly used in business are descriptive and inferential statistics. Descriptive statistics uses numbers to look for patterns within particular datasets. Inferential statistics requires drawing conclusions in predicting future numbers based on sample data. With both types of statistics, businesses are able to better manage, process, and predict trends in many different business processes. Statistical Methods In statistics, there are several types of methods including experimental, observational, levels of measurement, and null hypothesis (Washington, 2002). In the experimental method, causality is determined through investigation and conclusions are drawn based on the effect of the changes in values of independent variables. When the correlation between two different aspects is studied, the observational study method is being employed. Another method is levels of measurement. With this method, nominal, ordinal, interval, and...
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...head: Statistics in Business Statistics in Business Define Statistics Statistics is "the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information" (). Different Types and Levels of Statistics The types of statistics are descriptive and inferential. Descriptive statistics looks for patterns in data sets and it does so by using numerical and graphical methods. It is also used to summarize the information found in a data set and allows the information to be shown in a more convenient form that is easier to read and understand. Inferential statistics' goal is to make estimates, decisions, predictions or other generalizations about a larger set of data. It does so by using sample data. There are four levels to statistics. Those are nominal level, ordinal level, interval level and ratio level. Nominal level is information that cannot be arranged in any particular order but that is classified into categories. Ordinal level is similar to nominal however, the data can be arranged into some type of order however, the differences between the values cannot be determined or is seen as meaningless. Interval level is similar to the ordinal level however, there are intervals between each set of data and the measurement can be defined and is obvious and there is no natural zero point. Ratio level is the same as interval level with the only difference being that there is a natural zero. Role Statistics has in...
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...Statistics in Business Kareem Kelly QNT/351 December 07, 2015 David Lantz 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 shows, describes, or summarizes data in a way that show a pattern. The second type of statistic is called inferential statistics. Inferential statistics, you are trying to reach conclusions that extend beyond the immediate data alone. For instance, we use inferential statistics to try to infer from the sample data what the population might think ("Research Methods: Inferential Statistics," 2014). There is also four level of measurements that is also involved with statistics. The four levels of measurement are ratio data, interval data, nominal data, and ordinal data. All four of the different measurements has their purpose when using statistics for research. . The Role of Statistics...
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...Statistics in Business QNT/ 351 May 7, 2013 Statistics in Business One of the tools used to make decisions is statistics. Statistics is used not only by businesspeople; we all also apply statistical concepts in everyday lives. (Basic Statistics for Business & Economics) Define Statistics Statistics is a mathematical science connect to the collection, analysis, interpretation or explanation, and presentation of data. It also provides tools for prediction and forecasting based on data. The word statistics can either be singular or plural. “In its singular form, statistics refers to the mathematical science. In its plural form, statistics is the plural of the word statistic, which refers to a quantity, calculated from a set of data.”(www.socialresearchmethods.net) Identify different types and levels of statistics. There are two types of statistics, descriptive and inferential. Descriptive statistics are used to describe the basic features of the data in a study. It provide simple summaries about the sample and the measures. Inferential statistics is trying to reach conclusions that extend beyond the immediate data alone. The different levels of statistics are nominal, ordinal interval and ratio which are level of measurements. Data can be classified according to levels of measurement. The level of measurement of the data “dictates the calculations that can be done to summarize and present the data. It will also determine the statistical tests that should be performed.”(Basic...
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...Statistics in Business Statistics in Business Statistics is considered art and science of collecting, analyzing, presenting, and interpreting data (McClave, Benson, & Sincich, 2011). Four scales of measurement are available for obtaining data on a exacting variable: nominal, ordinal, interval, and ratio (Lind, Marchal, & Wathen, 2011). The scale of measurement for a variable is nominal when the data are labels or names used to identify an attribute of an element (McClave, Benson, & Sincich, 2011). The scale is ordinal if the data have the properties of nominal data the order or rank of the data is meaningful. The scale is interval if the data have the properties of ordinal data the interval between observations is expressed in terms of fixed unit of measure (Lind, Marchal, & Wathen, 2011). Finally, the scale of measurement is ratio if the data have all the properties of interval data and the ratio of two values is meaningful. For propose of statistical analysis, data can be classified as qualitative or quantitative (Lind, Marchal, & Wathen, 2011). Qualitative data are labels or names used to identify an attribute of each element. Qualitative use either the nominal or ordinal scale of measurement and may be non-numeric or numeric. Quantitative data are numeric values that indicate how much or how many. Quantitative data use either the interval or ratios scales of measurement (Lind, Marchal, & Wathen, 2011). Ordinary arithmetic operations are meaningful...
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...Statistics in Business QNT 351 August, 2012 University of Phoenix What are Statistics? Statistics is the science involved in the application of quantitative principles to the collection, description, interpretation, and presentation of numerical data, as well as the meaning of collected data within the realm of business, and is also commonly used for marketing procedures. Statistics generally deals with the main business elements and the planning process of the data that have been collected through the development of surveys as well as additional tests. Types and Levels of Statistics Even though statistics is general term, there are still two different types of statistics, which includes descriptive statistics that consist of methods for organizing, displaying, and describing data through the use of tables, graphs, and summary measures (Gunning, n.d.). The second type of statistics is inferential statistics, which is a process of describing the population based on the sample results (Gunning, n.d.). Aside from the two main types of statistics that are common, there are also different levels of measurement involved in statistics. There are four levels of measurement, which includes nominal data, ordinal data, interval data, and ratio data. Each level of measurement achieves different results in a survey, and not all researchers will use every level of measurement. Each one of the four levels of measurement serves a different purpose in the study procedure and...
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...Within each and every business around the world, statistics can be used in an efficient manner to increase profitability and consumer satisfaction. To come to these conclusions, however, one must understand what statistics are and how they can help an organization. Throughout this essay, statistics will be defined. Additionally, the types and levels of statistics will be discussed. Also, the role of statistics within business decision-making will be observed. Lastly, two examples of problems situations in which statistics could be used will be presented. Statistics can be defined in multiple ways. On one hand, a statistic can be a smaller part of a larger data set. On the other hand, statistics can be described as how data is studied, analyzed, and organized. According to Robert Stine and Dean Foster, “A statistic is a property of data, be it a number such as an average or a graph that displays information. Statistics—the discipline—is the science and art of extracting answers from data” (Stine & Foster, 2014, ch. 1). There are two different types, along with four different levels, of statistics. Categorical and numerical data are the two types of variable data. Categorical variables are data that has some sort of connection. Numerical variables deal with numbers. There are a wide range of acceptable numerical variables that can fit into any statistical study, like revenues, median daily sales, ranges, etc. The four levels of statistics are nominal, ordinal, interval, and ratio...
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...Practice Exam Chapter 10- TWO-SAMPLE TESTS SECTION I: MULTIPLE-CHOICE 1. The t test for the difference between the means of 2 independent populations assumes that the respective a. sample sizes are equal. b. sample variances are equal. c. populations are approximately normal. d. All of the above. 2. If we are testing for the difference between the means of 2 related populations with samples of n1 = 20 and n2 = 20, the number of degrees of freedom is equal to a. 39. b. 38. c. 19. d. 18. 3. In testing for differences between the means of two related populations, the null hypothesis is [pic] 4. In testing for differences between the means of two independent populations, the null hypothesis is: [pic] [pic] a. 0.0166. b. 0.0332. c. 0.9668. d. 0.9834. 6. If we wish to determine whether there is evidence that the proportion of items of interest is higher in group 1 than in group 2, the appropriate test to use is a) the Z test for the difference between two proportions. b) the F test for the difference between two variances. c) the pooled-variance t test for the difference between two proportions. d) the F test for the difference between two proportions. SECTION II: TRUE OR FALSE 1. The sample size in each independent sample must be the same if we are to test for differences between the means of 2 independent populations. False 2...
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...COURSE NOTES TOPIC 1: Introduction to Statistics (Textbook Chapter 1) Introduction No doubt you have noticed the large number of facts and figures, often referred to as statistics, that appear in the newspapers and magazines you read, websites you visit, television you watch (especially sporting events), and in grocery stores where you shop. A simple figure is called a statistic. A few examples: • Home and condominium sales declined 6.5% in Charleston, South Carolina in April, 2006 compared to sales in April, 2005. • Tuition and fees for resident undergraduate students at public four year institutions averaged $5,491 for 2005-06, a 7.1%increase over 2004-05. • Approximately 24 million medicare beneficiaries were enrolled in the new prescription drug program as of January, 2006. • The government reported that 138,000 jobs were added to the economy in April, 2006. • The Dow Jones Industrial Average was 11,094.04 on May 30, 2006. You may think of statistics simply as a collection of numerical information. However, statistics has a much broader meaning. Learning Objectives After completing this chapter, you will be able to: 1. Understand why we study statistics. 2. Explain what is meant by descriptive statistics and inferential statistics. 3. Distinguish between a qualitative variable and a quantitative variable. 4. Distinguish between a discrete variable and a continuous variable. 5. Distinguish among nominal,...
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