Introduction of Business Statistics
An important decision-making tool in business and is used in virtually every area of business.
Among the more common meaning of the word are:
1) the science of gathering, analyzing, interpreting and presenting data 2) a branch of mathematics
3) a course of study
4) facts and figures
5) a death
6) sample measurement
7) type of distribution used to analyze data
Statistics are broadly used in business, including:
1) the discipline of accounting
2) decision sciences
6) management information systems
The study can be subdivided into two main areas:
1) Descriptive statistics – results from gathering data from a body, group, or population and reaching conclusion only about that group 2) Inferential statistics – are generated from the process of gathering sample data from a group, body, or population and reaching conclusions about the larger group from which the sample was drawn
Population defines as a collection of persons, objects or items of interest. When researchers gather data from the whole population for a given measurement of interest, they call it a census. A sample is a portion of the whole and if properly taken, is representative of the whole.
A descriptive measure of the population is called a parameter. Parameters are usually denoted by Greek letters. Examples of parameters are population mean[pic], population variance[pic], and population standard deviation[pic].
A descriptive measure of a sample is called a statistic. Statistics are usually denoted by roman letters. Examples of statistics are sample mean[pic], sample variance[pic], and sample standard deviation[pic].
The appropriate type of statistical analysis depends on the level of data measurement, which can be: Non-metric or qualitative data