Statistics in Business

how is statistics used in business

Statistics in Business

Statistics in Business

QNT 351

August, 2012

University of Phoenix

What are Statistics?

Statistics is the science involved in the application of quantitative principles to the collection, description, interpretation, and presentation of numerical data, as well as the meaning of collected data within the realm of business, and is also commonly used for marketing procedures. Statistics generally deals with the main business elements and the planning process of the data that have been collected through the development of surveys as well as additional tests.

Types and Levels of Statistics

Even though statistics is general term, there are still two different types of statistics, which includes descriptive statistics that consist of

methods for organizing, displaying, and describing data through the use of tables, graphs, and summary measures (Gunning, n.d.). The second type of statistics is inferential statistics, which is a process of describing the population based on the sample results (Gunning, n.d.). Aside from the two main types of statistics that are common, there are also different levels of measurement involved in statistics. There are four levels of measurement, which includes nominal data, ordinal data, interval data, and ratio data. Each level of measurement achieves different results in a survey, and not all researchers will use every level of measurement. Each one of the four levels of measurement serves a different purpose in the study procedure and analysis procedure of statistics.

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Category: Personal Finance

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