The Use Of Statistics In Business

615 words - 3 pages

Statistics in Business
QNT/351


Statistics in Business
Statistics refers to the use of numerical information in everyday life to calculate facts and figures in limitless circumstances such as, batting averages, market share, and changes in the stock market. In addition, statistics refers to the scientific collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical data. Statistics involves describing data sets and drawing conclusions based on sampling about the data sets (McClave, Benson & Sincich, 2011). Statistics are divided into two areas: descriptive statistics and inferential statistics.
Descriptive statistics are procedures used to describe and organize the basic characteristics of the data studied. Descriptive statistics provide simple summaries about the sample group and the measures. This application of statistics is used to present quantitative data in manageable forms such as charts, graphs, or averages. Descriptive statistics differ from inferential statistics in that they are simply describing what the data indicates.
Inferential statistics are used to draw conclusions, interpret data, and make predictions or decisions beyond the immediate data. Inferential statistics are used to infer from the sample population data what a larger population may think or to predict future behaviors. Therefore, inferential statistics are used to make inferences from a sample data to draw conclusions pertaining to broader, general conditions whereas descriptive statistics merely describe the data.
The two basic types of variables are quantitative and qualitative. Quantitative variables are divided into two types: 1) discrete variables, which assume certain values and the gaps between those values, and 2) continuous variables, which assume any value within a specific range. Qualitative variables are categorical or nonnumeric such as, gender, political affiliation, or ethnicity (McClave, Benson & Sincich, 2011).
There are four levels of measurement, which include nominal, ordinal, interval, and ratio. Nominal level measurement is the lowest level of...

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