Statistics in Business Essay Help

Statistics is defined as the science of data. It involves collecting classifying summarizing organizing analyzing and interpreting numerical information. (McClave Benson & Sincich2011 p. 3). . There are two different application process involved in statistics; descriptive and inferential. Descriptive statistics 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 areStatistics in Business 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 & Sincich2011 p. 13). Statistics play a major role in business decision making on a daily basis. Statistics provide businesses with an assurance in dealing with doubt despite the amount of available data. This allows business manager to make more informed decisions and allow them to react quickly. Statistics provide a dependable method of making solid choices. There are many different situations in which statistical data is used. For instance new product development. When new products are created depending on the item it is tested and surveyed for likability effectiveness attractiveness taste etc. The results are used to improve the product. I use statistical data daily. I have to run figures to validate workload and determine productivity. Once the figures are ran and validated I will then use the data to ensure we are staffed correctly. References McClave J. T. Benson P. G. & Sincich T. (2011). Statistics for business and economics (11th ed.). Retrieved from the University of Phoenix eBook Collection database”

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