Robert "Mike" Moore
November 1, 2012
Even though statistics can be a confusing, they have proven to be a good tool for several different disciplines in today’s world and can be used to make educated decisions. Statistics can be simply defined as the interpretation of data, but remember that that is only one step. The data first needs to be collected and that is when the interpretation begins. The next step would involve analysis that would eventually lead to some type of presentation.
There are two different types of statistics and they are descriptive and inferential. Descriptive statistics are used to state numerical information that is already known. Inferential statistics is used when making predictions or estimates based on a population or sample thereof. An example of descriptive statistics would be that according to the United States Census Bureau, in two thousand eleven Missouri population is eighty-four percent white and an example of inferential statistics would be that the Census Bureau estimates a decrease of five percent in two thousand twelve. (United States Census Bureau, 2012)
There are four different levels of measurement of statistics and they are nominal, ordinal, interval and ratio. Each are used for different reasons, and are found everywhere in the world. Statistics are important in several different disciplines, and the business world is no exception. The decision making process for