top-rated free essay

Statistics in Business

By Salonyiafisher1 Oct 12, 2012 334 Words
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 correlation between two things. The third method of statistics is levels of measurement. This method has four levels of measurement, ratio, ordinal, nominal, and interval. All four of these measurements are different in use. The Null hypothesis is another method that is an interpretation of statistical information, which involves the development of a null hypothesis in which the assumption is related to the proposed cause (Wegner, 2010).

Data Collection Method

The data collection method tends to have three stages, which are pre collection activity, collection, and present findings. Before starting any form of data collection the pre collection is the most critical stage in this process. There are a several ways of collecting data, but just to name a few there is surveys, interviews, and even census. Through the data collection a business can obtain important information, which will help them to design appropriate avenues to their business.

Cite This Document

Related Documents

  • Statistics and Business Statistics

    ...Statistics is the study of the collection, organization, analysis, interpretation, and presentation of data. It deals with all aspects of this, including the planning of data collection in terms of the design ofsurveys and experiments. The word statistics, when referring to the scientific discipline, is singular, as in "Statistics is an ...

    Read More
  • Statistics

    ...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 unce...

    Read More
  • Statistics

    ...of 1000 flights and proportions of three routes in the sample. He divides them into different sub-groups such as satisfaction, refreshments and departure time and then selects proportionally to highlight specific subgroup within the population. The reasons why Mr Kwok used this sampling method are that the cost per observation in the survey may ...

    Read More
  • Inferential Statistics in Business

    ...In today’s world, we are faced with situations everyday where Statistics can be applied. In general, Statistics is the science of collecting, organizing, and analyzing numerical data. The techniques involved in Statistics are important for the work of many professions, thus the proper preparation and theoretical background of Statistics is val...

    Read More
  • Statistics in Business

    ... Statistics in Business QNT/351 Donald Lifke   Statistics in Business Statistics 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 in...

    Read More
  • Statistics in Business

    ...Statistics in Business QNT/351 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 p...

    Read More
  • Statistics Business

    ...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 descri...

    Read More
  • Business Statistics Assignment 2

    ... Group Assignment Business Statistics 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 M...

    Read More

Discover the Best Free Essays on StudyMode

Conquer writer's block once and for all.

High Quality Essays

Our library contains thousands of carefully selected free research papers and essays.

Popular Topics

No matter the topic you're researching, chances are we have it covered.