qnt1
QNT 351
4.February.2015
Dr. Kenneth Moss
Statistics is everywhere – we use it on a daily basis in our personal lives, in school, and at work. Statistics is data collected and organized by using graphs and charts so that data can be presented.
Statistics is defined as the practice or science of collecting and analyzing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample. According to Merriam-Webster statistics is “a branch of mathematics dealing with collection, analysis, interpretation and presentation of masses of numerical data.” There are different types of statistical data – numerical, categorical, and ordinal. Numerical data can be broken out into two groups: Discrete Data and Continuous Data. Numerical data covers measurement. Discrete data represents items that can be counted versus continuous data represents measurements (values which cannot be counted and can only be described using intervals on the number line). Categorical data represents characteristics. Ordinal data mixes both numerical and categorical data. The data falls into categories and the numbers placed on the categories have meaning.
Analyzing large clusters of numerical data creates statistics provides business people with the ability to create plans, processes, and marketing goals. Business tools, such as profit and loss statements are derived from business statistics. This is helpful for new businesses starting out to show potential investors their plan. This is also helpful for current businesses to evaluate their performance.
There are four different types of ways to collect data: from a published source, from a designed experiment, from a survey, and collected observationally. Within this collection there are populations and samples; either a representative sample or a random sample. Statistics can be used in predicting weather forecasts, emergency
4.February.2015
Dr. Kenneth Moss
Statistics is everywhere – we use it on a daily basis in our personal lives, in school, and at work. Statistics is data collected and organized by using graphs and charts so that data can be presented.
Statistics is defined as the practice or science of collecting and analyzing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample. According to Merriam-Webster statistics is “a branch of mathematics dealing with collection, analysis, interpretation and presentation of masses of numerical data.” There are different types of statistical data – numerical, categorical, and ordinal. Numerical data can be broken out into two groups: Discrete Data and Continuous Data. Numerical data covers measurement. Discrete data represents items that can be counted versus continuous data represents measurements (values which cannot be counted and can only be described using intervals on the number line). Categorical data represents characteristics. Ordinal data mixes both numerical and categorical data. The data falls into categories and the numbers placed on the categories have meaning.
Analyzing large clusters of numerical data creates statistics provides business people with the ability to create plans, processes, and marketing goals. Business tools, such as profit and loss statements are derived from business statistics. This is helpful for new businesses starting out to show potential investors their plan. This is also helpful for current businesses to evaluate their performance.
There are four different types of ways to collect data: from a published source, from a designed experiment, from a survey, and collected observationally. Within this collection there are populations and samples; either a representative sample or a random sample. Statistics can be used in predicting weather forecasts, emergency