Statistics in business paper
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This document discusses the role of statistics in business decision making. It describes descriptive statistics, which presents data in a way that is easier to understand through charts and graphs. Descriptive statistics measures central tendency and the spread of data using metrics like mean, median, mode, range, and standard deviation. The document also covers inferential statistics, which analyzes data samples to estimate parameters and test hypotheses. Examples are given of how statistics are used in various business contexts like Wall Street analysis and clothing design to draw conclusions from raw data and inform future decisions.
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- 1. Statistics in Business Stacey Troup QNT/275 September 5, 2015 University of Phoenix
- 2. Statistics in Business 2 The science of statistics is simply a way for us to gather information and turn it into understandable data in the form of charts and graphs for easier mental digestion. This Week 1 paper will discuss the different types and levels of statistics, the role of statistics in business decision making as well as provide examples of situations where statistics was used to help come to a business decision. Descriptive Statistics Descriptive statistics presents findings it in a way more easily understood by the reader. Through this extrapolation of data, patterns might emerge that surprise both the reader and the person collecting the data. (Understanding Descriptive and Inferential Statistics, N.D.) Descriptive statistics measures central tendency through derivation of data from mode, median and mean. Its measurements of spread summarizes data utilizing the mean through range, quarterlies, absolute deviation, variance and standard deviation. (Understanding Descriptive and Inferential Statistics, N.D.) In the world of Wall Street, statistics are utilized daily to determine the spreads of stock valuation through a designated time period and to speculate on its trend in the future. Inferrential Statistics Inferrential statistics is more of a percentage based utilizing data sampling from a controlled group. Its methods include estimation of parameters and testing of statistical hypotheses (Understanding Descriptive and Inferential Statistics, N.D.) Commonly seen in schools who report testing scores based on grade levels and districts, it extracts data based on a controlled sampling of data available for reporting (i.e. grade level, test scores, gender, age).
- 3. Statistics in Business 3 Conclusion While the word statistics and the ability to draw its conclusions strike fear in students everywhere, we actually use it every day. From www.cars.com and KBB.com utilizing statistics to figure out the average blue book price of a vehicle based on specific criteria to a clothing designer using statistics to determine the must have colors for their fall collection, statistics is a necessary part of business as it utilizes raw data to help form a hypothesis for the future.
- 4. References 6 N.A. (N.D.). Understanding Descriptive and Inferential Statistics. Retrieved 09 05, 2015, from Laerd Statistics: https://statistics.laerd.com/statistical-guides/descriptive-inferential- statistics.php