Qnt351 - Defining Statistics
Defining Statistics
Daniel Toirac
QNT/351
July 23, 2012
Professor Gustavo Diaz
Defining Statistics Statistics is defined as the science of data, which involves capturing, analyzing, classifying, summarizing, organizing, and interpreting numerical data. Statistics are used in nearly every business, government, sports, and finance field. Statistics are the basis of how individuals collect data and make informed decisions based on fact, not hunches or emotion. Statistics have grown exponentially over the past 50 years from simple batting averages and gender demographics to an actual science used by businesses to predict trends and market growth. Statistics are broken into two sections, descriptive statistics and inferential statistics. Descriptive statistics uses numerical and geographical methods to search for patters in a particular data set, to summarize the information found in a data set, and to present the information in a convenient manner. Inferential statistics utilizes sample data to make estimates or decisions about a particular set of data. Sample data, also referred to as sampling, is when information is extracted from a particular set of data of assist is gathering an average to support your conclusion. For example, you may want to know how many married couples live in a specific area in search for sustainability of a fancy new restaurant. This information can be extracted from census surveys or other broad sets of data. Data is further broken down into two types, qualitative and quantitative. Quantitative data is measured on a numerical score and can be counted, while qualitative cannot be measured numerically, but placed in groups. Statistics, both descriptive and inferential are broken down into either qualitative or quantitative data. Statistics plays a major role in business decision making, allowing companies to evaluate data, both descriptive and inferential in nature and conduct business according to the
Daniel Toirac
QNT/351
July 23, 2012
Professor Gustavo Diaz
Defining Statistics Statistics is defined as the science of data, which involves capturing, analyzing, classifying, summarizing, organizing, and interpreting numerical data. Statistics are used in nearly every business, government, sports, and finance field. Statistics are the basis of how individuals collect data and make informed decisions based on fact, not hunches or emotion. Statistics have grown exponentially over the past 50 years from simple batting averages and gender demographics to an actual science used by businesses to predict trends and market growth. Statistics are broken into two sections, descriptive statistics and inferential statistics. Descriptive statistics uses numerical and geographical methods to search for patters in a particular data set, to summarize the information found in a data set, and to present the information in a convenient manner. Inferential statistics utilizes sample data to make estimates or decisions about a particular set of data. Sample data, also referred to as sampling, is when information is extracted from a particular set of data of assist is gathering an average to support your conclusion. For example, you may want to know how many married couples live in a specific area in search for sustainability of a fancy new restaurant. This information can be extracted from census surveys or other broad sets of data. Data is further broken down into two types, qualitative and quantitative. Quantitative data is measured on a numerical score and can be counted, while qualitative cannot be measured numerically, but placed in groups. Statistics, both descriptive and inferential are broken down into either qualitative or quantitative data. Statistics plays a major role in business decision making, allowing companies to evaluate data, both descriptive and inferential in nature and conduct business according to the
References: Lind, D. A., Marchal, W. G., & Wathen, S. A. (2011). Basic statistics for business and economics (7th ed.). New York, NY: McGraw-Hill/Irwin. McClave, J. T., Benson, P. G., & Sincich, T. (2011). Statistics for business and economics (11th ed.). Boston, MA: Pearson-Prentice Hall.