# Mgt 498

Submitted By gonzo808
Words 399
Pages 2

QNT/351

Aug 21, 2013

Edward Balian

Statistics Investopedia defines statistics as a type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. ("Investopedia", 2013)

Types and Levels

Descriptive statistics, inferential statistics, ratio-level data, interval- level data, ordinal-level data, and nominal-level date are some types and levels of statistics. Descriptive statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data.

When it comes to the role of statistics in business decision-making it is applied in many ways in terms of consumer preferences or even financial trends. For example, managers across any type of business formulate problems, they decide on a question relating to the problem and then form a statistical formulation of the question is used to determine answers to all of the above. An example of a business question may be how many calls are answered on average in a call center and how can we increase the numbers of calls answered per hour. Another example may be how we can increase the number of accounts we open each week, and who is opening the Most accounts and what is it that is aiding in the success of those individuals. Clearly there are many questions but determining the right questions that can be measured with statistical data...

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