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Strategics in Business

In: Business and Management

Submitted By victorialbarry
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Statistics in Business
Victoria Barry
QNT 351
February 2, 2015
Cynthia McCahon

Statistics in Business According to Lind (2011), statistics is defined as “the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions.”

Types of Statistics

There are two different types of statistics. The first type is known as descriptive statistics. According to McClave (2011), 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.” The second type of statistics is the inferential statistics. This type of statistics “utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data (McClave, 2011).”

Levels of Statistics

Statistics have four different levels. These levels are often referred to as levels of measurement. This first level is known as a nominal level. Within this level, data is sorted into categories without an order. The second level is the ordinal level. This is where the level of measurement decides if any one category is to be ranked higher than another. The third level is known as the interval level. Within this level, “the ranking characteristics of the ordinal level of measurement plus the characteristic that the distance between values is a constant size (Lind, 2011).” The last level is the ratio level. This level has “all of the characteristics of the interval level, plus there is a zero point and the ratio of two values are meaningful (Lind, 2011).”

Business Decision Making

Statistics play an important role in business because it allows businesses to measure performance and forecast future targets. Businesses use statistics to study facts and...

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