Statistics Business
Jason Garrett
Qnt/351
YOHANNES MARIAM
5/4/2015

After review of the text and online research I have come to the understanding of Statistics in business it’s the most widely used quantitative method in business. This method has a lot to do with the accuracy the business collects of the information to review and help make the best decision based on these findings. It is concerned with extracting the best possible information from data in order to aid decision making. As Define statistics a branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data
Identify different types and levels of statistics. Nominal Measurement There are handful of types and levels of statistics, Nominal measurements, “In social research, variables measured at a nominal level include gender, race, religious affiliation, college major, and birthplace. Ordinal measurement, in this classification, the numbers assigned to objects represent the rank order (1st, 2nd, 3rd etc.) of the entities measured. The numbers are called ordinals. The variables are called ordinal variables or rank variables. Comparisons of greater and less can be made, in addition to equality and inequality” ("Level Of Measurements," 2015).
Interval measurements, “the numbers assigned to objects have all the features of ordinal measurements, and in addition equal differences between measurements represent equivalent intervals. That is, differences between arbitrary pairs of measurements can be meaningfully compared. Ratio measurement, a ratio measurement scale is one in which the ratio between any two measurements is meaningful. To achieve this a ratio scale has to have a non-arbitrary zero value. Then operations such as multiplication and division become meaningful as well” ("Level Of Measurements," 2015).

There are several ways that the role of statistics in business as the information gathered in any area of interest will have either a minor or major impact on decision making. “Statistics are created by "crunching” and analyzing large clusters of numerical data -when stats are used in the corporate realm, they provide businesspeople with the tools they need to implement short and long-term processes, plans, and marketing initiatives” ("What Is The Role Of Statistics In Business Decision?," 2015). Here are a few examples on how data is used in business, like in the auto industry statistics in business ratios in vital as the data is used on how many cars types are built over a year to purchase. Beverage industry uses this information nominal to dictate their marketing strategy towards demographics group of consumers. Medical industry uses this information specifically ordinal to gather patient’s symptoms when they are admitted in their hospitals and monitoring vital signs.

APA CITATION

Reference Page Entry
Level Of Measurements. (2015). In Wikipedia. Retrieved from http://en.wikipedia.org/wiki/Level_of_measurement
Note: If the dictionary and encyclopedia have an author or an editor, follow the formatting for a website with an author.
In-Text Citation 1. According to Wikipedia (2015), Insert the paraphrased material. 2. "Insert the quotation” ("Level Of Measurements," 2015).
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Reference Page Entry
What Is The Role Of Statistics In Business Decision?. (2015). In What Is The Role Of Statistics In Business Decision?. Retrieved from http://www.blurtit.com/325118/what-is-the-role-of-statistics-in-business-decision
Note: If the dictionary and encyclopedia have an author or an editor, follow the formatting for a website with an author.
In-Text Citation 1. According to What Is The Role Of Statistics In Business Decision? (2015), Insert the paraphrased material. 2. "Insert the quotation” ("What Is The Role Of Statistics In Business Decision?," 2015).

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