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Submitted By lmblake13

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Words 443

Pages 2

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 the role of statistics in business decision making Some advantages of statistics in business decision making are: it helps managers handle performance management, which deals with the improvement of employee productivity numbers, management’s ability to work with other managers to come up with the best means of handling situations to improve the company’s profit margin. Managers must be...

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...Statistics in Business Statistics is defined by Merriam-Webster as a branch of math dealing with the collection, analysis, interpretation and presentation of masses of numerical data; or a collection of quantitative data (Statistics, n.d.). Statistics is all around us. Everything from our actions, to our purchases, to even sports involve the collection, analysis, interpretation and presentation of data. There are two types of statistics. One type is called, descriptive statistics, which uses numbers and graphs to identify patterns and trends in data sets and is used to present revealed information in an easy to understand form. The other type of statistic is known as inferential statistic. Inferential statistics is using sample data collected from a smaller sample, and using those results to make predictions, estimates, decisions and other generalizations about a larger set of data (McClave, Benson, & Sincich, 2011). Statistics plays a number of roles in business decisions. One of the more obvious roles it plays is in marketing. Research studies allow businesses to be proactive by predicting customer behavior and creating specific marketing plans. For instance a business that sells sandals would use statistics to identify when sales have increased and when they are likely to increase again. For instance the spring and summer months show statistics of higher sales, which tells the business to increase inventory at those times. Another one of the many roles......

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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......

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...Statistics in Business Statistics is the collection of numerical information. Statistics collect and analyze the numerical information in large amount. There are many different types and levels of statistics. Statistics is separated into two groups’ descriptive statistic and inferential statistics. Descriptive statistics is the methods of classifying, summarizing, and giving information in an informative way. Inferential statistics method is used to estimate a property of a population on the basis of a sample. Statistics is a major factor in businesses decision making, statistics in business give them an idea of what customer they are trying to target and the amount of services and products that they will need to meet their goal Lind, Marchal, & Wathen (2011). There are many examples where statistics are used. For example when the census bureau sends out documents to fill out about your house they are gathering information to analyze the numbers to get a figure of what is going on with the population. Another example of statistics is when a certain amount of population tune in Sunday to watch the super bowl it was one of the most watch game in NFL history it was also a commercial that catch the eye of most of the viewers they went on social media to view their opinions about the commercial some find that it was not fit for that moment and some on the other hand find that it was ok. Another example of statistics is when the University of Phoenix takes a survey at the end of......

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