STAT 1

1. Define Business Statistics

Business Statistics is the arts and science of basing decisions on numerical data in the face of
uncertainty. It is also the scientific approach to decision making under risk.

2. What is Statistics Analysis

Statistical analysis is the science of collecting data and uncovering patterns and trends. After
collecting data, it is important to analyze it and summarize that data to come up with the result
that is used in decision-making.

3. What is accounting, probability and probability distribution

Accounting is the process of recording financial transactions pertaining to a business. The

accounting process includes summarizing, analyzing and reporting these transactions to decision
makers.

Probability means the likelihood of something happening or the likelihood that event will occur.

Probability distribution is the mathematical function that gives the probabilities of occurrences
of different possible outcomes for an experiment. It is a mathematical description of random
phenomenon in terms of its sample space and the probabilities of events.