BC WK 1 Statistics Paper 252015

Submitted By bxmama
Words: 308
Pages: 2

Statistics in Business
Belinda Cruz
February 5, 2015
Maja Zelihic

Statistics in Business According to Lind, Marchal, and Wathen (2011), the definition of statistics is the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions (p.5). There are two types of statistics used to scrutinize data to depending on the necessary end result. Descriptive statistics is used to correlate and compile facts or figures. Inferential statistics consists of selecting elements from a populace of individuals or items to determine the valuation of the population based on the elements selected. There are four levels of measurement relative to statistics. The four levels are nominal where data is organized into a classes however the classes are have no particular order, ordinal which allocated information is assumed to be graded higher than another, interval is similar to ordinal in the allocation of information but includes the distinction of distance between values is a constant size, and ratio has all of the attributes of the interval plus a zero point as well as two values is meaningful. Statistics is used to assist managers in making sound and informed decision that will affectively impact their area of business. In business statistics is used to predict which product or service will yield the best return on investment. In the medical field statistics can be used to determine