Statistics in Business
What is statistics? Statistics is collecting, measuring, analyzing, and communicating data. There are two types of statistics, descriptive statistics and inferential statistics (Lind, Marchal, & Wathen, 2011). Statistics are applied in different situations. This paper will describe the role statistics has in making business decisions. This paper will also provide examples of situations in which statistics are applied. Types of Statistics

Lind, Marchal, and Wathen define statistics as “The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions (Lind, et al., 2011, p. 5). In statistics there are two types, descriptive and inferential statistics. First, descriptive statistics is the informative organization, summarization, and presentation of data. The second type of statistics is inferential statistics. Inferential statistics is also called statistical inference, is “the methods used to estimate a property of a population on the basis of a sample” (Lind, et al., 2011 p. 7). Statistic Examples

One example of statistics in a situation is when starting a weight loss program. To measure the progress of the weight loss over time the individual would measure their weight on the same day and time every week then plot the results on a chart for six months. Another example is in baseball. In baseball a batter statistics is used to see the probability of hitting certain types of the pitches and rather the batter can hit a homerun. A third example is when network channels use inferential statistics to determine when to cancel a program. The networks gather data samples of the viewers’ preferences. The ratings of the viewers’ program preference are in turn used to determine which programs are canceled. Conclusion

In conclusion, statics was defined as the collection, measurement, analysis, and communication of data. The...

...
Statistics in Business
QNT/351
Donald Lifke
Statistics in BusinessStatistics is defined as the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information. (McClave, Benson, & Sincich, 2011, p. 3). . There are two different application process involved in statistics; descriptive and inferential. Descriptivestatistics is the analysis that helps describe, summarize or show data in a way to allow patterns to emerge from the data. This can be captured numerically or graphically. Inferential statistics require the statistician to reach conclusions in way that extends beyond the immediate data alone, to draw an inference of the data.
Our text states there are two general types of statistics; qualitative and quantitative. Qualitative data are measurements that cannot be measured on a natural numerical scale; they can only be classified into one group of categories. It is also sub classified as interval or ratio. Where quantitative data is the opposite, it only recorded on a naturally occurring numerical scale. It is sub classified nominal or ordinal. (McClave, Benson, & Sincich, 2011, p. 13).
Statistics play a major role in business decision making on a daily basis. Statistics provide businesses with...

...Statistics in Business
QNT/351
William Modey
Quantitative Analysis for Business
Salonyia Fisher
Summary
Statistics is accurately defined as the study of the analysis, data collection, and organization of the data which is interpreted by a particular business field. Statistics main focus is usually dealing with the preparation procedure of the data collection in the course of developing surveys and creating experiments. When an organization uses statistics, it needs to be taken into consideration that there are two main types of statistics, which are inferential statistics and descriptive statistics. Descriptive statistics targets to sum up data sets, instead of just using data collected from a given population. Inferential statistics is used to describe different systems of procedures that can draw conclusions from arising datasets pretentious by random variations.
Methods of Statistics
There are several different methods of statistics. The first method is experimental method, which uses several different steps in this process that includes planning the research process, designing the experiments, performing the experiments, further examining the datasets, and documenting the results of the study. The second method is the observational study, which explores the...

...Statistics is in our everyday life and in the work environment because each of us deals with numerical numbers that are everywhere. Statistics is collecting information which can be data or numbers that involves organizing, analyzing, presenting and finding the meaning of a problem (Lind, 2011). There are two types of statistics which are descriptive statistics and inferential statistics. For descriptivestatistics this summarizing and organizes data in a particular way it is a set of basic numbers that is describing something. For inferential statistics it is a decision more like a prediction and estimation of a population for sampling. Data can be identify as the levels of measurements that are use for a problem to analyze the results this includes nominal, ordinal, interval, and ratio. Each one of these measurements indicates the calculations for classifying the collective data.
In the world of businessstatistics play a role in the decision making. It helps businesses and companies establish a base of the given results often times statistics can be form graphically to capture a target point. Data is everywhere even in a career an individual may work in or want to pursue. Statistics determines the possible facts to a problem deeper to find the results. These results can be by charts or by any graphical form the...

...Statistics in Business
Quantitative Analysis for Business
University of Phoenix
Tanya Bailey
April 22, 2013
Statistics can sometimes be difficult for some individuals. Understanding the concept of statistics, which is known as the science of data, may help a person in the business world. This involves classifying, summarizing, analyzing, collecting, and interpreting numerical information. The information gathered from statistics can help startup companies, and even average the age of customers a company would like to target for a product. Statistics has different types and levels. Two types of statistics are descriptive statistics and inferential statistics. Descriptive statistics uses graphical and numerical methods to form patterns in sets of data. Inferential statistics uses sample data to predict, generalize, and estimations about large sets of data.
Statistics is very important in the business decision making. It provides the basis for arriving at a decision on all matters that pertain with operations of business. Statistics can also be used as a tool of management. It can evaluate personnel so management can judge performance. Statistics helps business efficiently judge...

...Omkar & Yaying
Wednesday 5-6pm
WEEK 3 BES PASS
Descriptive Statistics Population - a set of all possible observations. Sample - a portion of a population. We often use information concerning a sample to
make an inference (conclusion) about the population.
Parameter - describes a characteristic of the population, eg: the population variance Statistic- describes a characteristic of a sample, eg: the sample variance
Frequency Distribution and Histograms Class - a collection of data which are mutually exclusive Frequency distribution - a grouping of data into classes Relative frequency distribution - calculates the number of data in a class as a percentage
of the total data
Shapes of Distributions and Histograms
A histogram is symmetrical if one half of the histogram is a mirror reflection of the other Non-symmetrical distributions are said to be “skewed”
a) Skewed to the right (Positively skewed) Mode < Median < Mean
b) Skewed to the left (Negatively skewed) Mode > Median > Mean
c) Symmetric Distribution Mode = Median = Mean
Measures of Central Tendency: The Mean, Mode and Median The mean is the average of scores: Population mean: μ = Σ xi/N
Sample mean: x = Σ xi/n
The mode is the value that has the highest frequency The median is the middle value of data ordered from lowest to highest The median and the mode are relatively less sensitive to outliers.
Quartiles and Percentiles,...

...manipulated or processed
into information that is valuable to decision making. The processing and manipulation of raw
data into meaningful information are the heart of data analysis. Data analysis includes data
description, data inference, the search for relationships in data and dealing with uncertainty
which in turn includes measuring uncertainty and modelling uncertainty explicitly.
In addition to data analysis, other decision making techniques are discussed. These techniques
include decision analysis, project scheduling and network models.
Chapter 1 illustrates a number of ways to summarise the information in data sets, also known as
descriptive statistics. It includes graphical and tabular summaries, as well as summary measures
such as means, medians and standard deviations.
Uncertainty is a key aspect of most business problems. To deal with uncertainty, we need a basic
understanding of probability. Chapter 2 covers basic rules of probability and in Chapter 3 we
discuss the important concept of probability distributions in some generality.
In Chapter 4 we discuss statistical inference (estimation), where the basic problem is to estimate
one or more characteristics of a population. Since it is too expensive to obtain the population
information, we instead select a sample from the population and then use the information in the
sample to infer the characteristics of the population.
In Chapter 5 we look at the topic of...

...
Business Analytics: Unit 1: Descriptive Statistics and Mathematical Foundations
Kaplan University
March 23, 2014
Descriptive Statistics and Mathematical Foundations
Part I: Pie Chart & Bar Graph
This information regards T-100 Domestic Market’s boarding information during the previous year for the top seven airlines in the United Sates. According to the data Southwest Airlines boarded 81.1 million; Delta Airlines, 79.4 million; American Airlines, 72.6 million; United Airlines, 56.3 million; Northwest Airlines, 43.3 million; U.S. Airways, 37.8 million, and Continental Airlines, 31.5 million (KU, 2014).
This is ungrouped data that needs to be grouped into a pie chart and a bar graph. The bar graph and pie chart both lists nonmetric (qualitative) descriptive statistics. The descriptive statistics are called, ordinal statistics which rank each airline from highest to lowest or lowest to highest annual boarding information (Black, 2012). The pie chart and bar graph summarizes the top seven airlines previous years boarding data. First, I will discuss the pie chart. The pie chart below shows the percentage breakdown of each airline’s annual boarding information. Each of the breakdowns represents the magnitude of the whole pie chart in percentages (Black, 2012). As you will notice that the leaders in the airline industry is Southwest and Delta Airlines with 20 percent...

...
Group Assignment
BusinessStatistics
CBEB1109
Tutorial : Tuesday 11.00am – 12.00pm
Instructor : Dr. Sharifah Latifah Binti Syed A Kadir
Group : Group 2
Group Members :
1.
Kao Wei Jian
CEA 130028
2.
Lim Kin Chun
CEA 130041
3.
Amirul Asyraaf bin Azhar
CEA 130002
4.
Nur Hasfaiza bt Mohd Zaid
CEA 130063
5.
Muhammad Hamdin Zarif Bin Mohd Zaidi
CEA 100062
6.
Lim Sin Pei
CEA 130043
7.
Wong Siew Yen
CEA 130097
1. Of 100 individuals who applied for systems analyst positions with a large firm during the past year, 40 had some prior work experience, 30 had a professional certificate and 20 of them had both work experience and a certificate.
a Determine if work experience and certification are independent events.
Let A = Prior Work experience
B = Professional Certificate
A
A’
Total
B
20
30
50
B’
40
10
50
Total
60
40
100
=
= 0.4
P(A) =
= 0.6
, so it is not an independent event.
b What is the probability that a randomly chosen applicant,
i had either work experience or a certificate?
) =
=
= 0.9
ii has neither work experience nor a certificate?
iii has a certificate if he has some previous work experience?
= 0.33
2. Because of economic conditions, a firm reports that 30 percent if its accounts receivable from other business firms are overdue. If an accountant takes a random sample of 10 such accounts, determine the probability that
p=30% @ 0.3
n=10
X~B(10,0.3)
a. none of the account is overdue
By...

495 Words |
6 Pages

Share this Document

{"hostname":"studymode.com","essaysImgCdnUrl":"\/\/images-study.netdna-ssl.com\/pi\/","useDefaultThumbs":true,"defaultThumbImgs":["\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_1.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_2.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_3.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_4.png","\/\/stm-study.netdna-ssl.com\/stm\/images\/placeholders\/default_paper_5.png"],"thumb_default_size":"160x220","thumb_ac_size":"80x110","isPayOrJoin":false,"essayUpload":false,"site_id":1,"autoComplete":false,"isPremiumCountry":false,"userCountryCode":"US","logPixelPath":"\/\/www.smhpix.com\/pixel.gif","tracking_url":"\/\/www.smhpix.com\/pixel.gif","cookies":{"unlimitedBanner":"off"},"essay":{"essayId":36156661,"categoryName":"Periodicals","categoryParentId":"17","currentPage":1,"format":"text","pageMeta":{"text":{"startPage":1,"endPage":2,"pageRange":"1-2","totalPages":2}},"access":"premium","title":"Statistics in Business","additionalIds":[5,7,93,79],"additional":["Computer Science","Education","Education\/Greek System","Computer Science\/Software Development"],"loadedPages":{"html":[],"text":[1,2]}},"user":null,"canonicalUrl":"http:\/\/www.studymode.com\/essays\/Statistics-In-Business-1127629.html","pagesPerLoad":50,"userType":"member_guest","ct":10,"ndocs":"1,500,000","pdocs":"6,000","cc":"10_PERCENT_1MO_AND_6MO","signUpUrl":"https:\/\/www.studymode.com\/signup\/","joinUrl":"https:\/\/www.studymode.com\/join","payPlanUrl":"\/checkout\/pay","upgradeUrl":"\/checkout\/upgrade","freeTrialUrl":"https:\/\/www.studymode.com\/signup\/?redirectUrl=https%3A%2F%2Fwww.studymode.com%2Fcheckout%2Fpay%2Ffree-trial\u0026bypassPaymentPage=1","showModal":"get-access","showModalUrl":"https:\/\/www.studymode.com\/signup\/?redirectUrl=https%3A%2F%2Fwww.studymode.com%2Fjoin","joinFreeUrl":"\/essays\/?newuser=1","siteId":1,"facebook":{"clientId":"306058689489023","version":"v2.8","language":"en_US"}}