Statistics In Business

Statistics in Business QNT/351 February 4, 2013

Statistics In Business Statistics is the research involving the accumulation, assessment, and arrangement of data in the field of business. It also involves the interpreting the data and making business decisions based on that data. Statistics deal with the main elements of business the planning process associated with the accumulation of data and developing surveys and tests. There are two (2) main branches of statistics. The first branch deals with descriptive statistics. Descriptive statistics uses figures. The other branch is inferential statistics involving getting results and making forecasts. There are several types of statistical techniques. They are the experimental method, the observational study, and the levels of measurement technique. The experimental method is, basically, a method for manipulating variables in order to observe change in other variables. For example, if we wanted to test whats the best what to get a dog to roll over. If we have several methods, the experiential method would help us to determine which one is better. On the other hand, observational studies are considered to be the most primitive of statistical techniques. It involves the observation of what people actually do or what events take place during a buying or consumption situation. It is both time consuming and costly. Finally, the levels of measurement technique is, yet another, technique that includes 4 levels of measurement - minimal, ordinal, interval, as well as ratio. Statistics play a vital role in the decision-making processes for any company. This is because the use of statistics offers market analysis and examines what the competition may be doing in a given industry. In order for a company to be effect, it must have accurate information regarding the current climate of said industry.

Statistics In Business The data accumulation method generally arranged by applying the various processes on the target market including, but not limited to, interviews, study statements, and feedback forms. These are the foremost resources of data gathering and would be helpful to gather the right amount of data to assess the specific processes. If a business can strategically use the data accumulation process, it may have the helpful information that will help it to develop accurate practices for their company.