# Introduction of Business Statistic

**Topics:**Measurement, Statistics, Parametric statistics

**Pages:**2 (471 words)

**Published:**February 9, 2009

Chapter 1

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

3) economics

4) finance

5) management

6) management information systems

7) marketing

8) production

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

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