Week 1 Statistics In Business Individual Assignment Essay

Submitted By Alisa-Schaeffer
Words: 343
Pages: 2

Alisa Schaeffer
Statistics in Business
QNT 351
February 25, 2015
Alex Freeman

Statistics in Business
Statistics are the “science that deals with the collection, classification, analysis, and interpretation of numerical facts or data, and that by use of mathematical theories of probability, imposes order and regularity on aggregates of more or less disparate elements” (statistics, 2015). Statistics are extremely important in business, and aids in making important decisions. Statistics represent numerical facts and data, and can be used as supporting materials in order to back up ideas and observations about business, and what direction to go in. There are two different types of statistics: Descriptive statistics and Inferential statistics. “Descriptive statistics are used to describe the basic features of the data in a study. They provide simple summaries about the sample and the measures. “Together, a with simple graphics analysis, they form the basis of virtually every quantitative analysis of data” (Selecting statistics, n.d.). Inferential statistics are used to test hypotheses and make estimations using sample data. Within business decision making, statistics can play a very important role. Statistics can be used to make you seem more credible and will help you effectively communicate research findings that you have made and support your hypothesis- all leading up to finding a conclusion. Examples in which statistics could be used: When trying to communicate an idea to other employees, in order to make a business