Submitted By batman75
Words 507
Pages 3
Kareem Kelly
QNT/351
December 07, 2015
David Lantz

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 in Business Decision Making
Statistics play a huge rule in business decision for an organization. The reason statistics play a major role in business decisions is that statistics provides information of the market and competitors in the market. Businesses need accurate statistics to properly prepare for current or future decisions that the organization may have to make. Statistics analysis...

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