Qnt/351 Statistic Business
QNT-351
Statistics in Business
11/03/13
The meaning of statistics to me means, to collect, organize, and analyze a set of information that has been gathered. Though the definition in statistics in our reading material stats that it is the science of data, that involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information. There are a lot of different types of statistics that you can use like descriptive statistics that utilizes numerical and graphical methods to look for a set of data patterns. There is also the inferential statistics that utilizes sample data to make estimates, decisions, predictions, or any other type of larger set of data. Statistics plays a big role in making big business decisions because businesses need to be able to create their business based off what would be able to bring them the most business based off what their customers are looking for. For example, my first job that I had working at a fast food restaurant while I was still in high school, and the manager would have to gather all our sales data to determine how our schedule will be for the following week. Another example of how statistics are used in business is when companies are looking to release a new product. They need to be able to analyze the needed information to then determine what would be the right sales price, product labeling, and when it would be the right time to release their new product as well. There are a lot of different types of statistics that are used all the time in all different types of business fields and many people really don’t realize it. Like when a business decides to make their store hours based off what will be able to meet the needs of their customers and be available during those
Statistics in Business
11/03/13
The meaning of statistics to me means, to collect, organize, and analyze a set of information that has been gathered. Though the definition in statistics in our reading material stats that it is the science of data, that involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information. There are a lot of different types of statistics that you can use like descriptive statistics that utilizes numerical and graphical methods to look for a set of data patterns. There is also the inferential statistics that utilizes sample data to make estimates, decisions, predictions, or any other type of larger set of data. Statistics plays a big role in making big business decisions because businesses need to be able to create their business based off what would be able to bring them the most business based off what their customers are looking for. For example, my first job that I had working at a fast food restaurant while I was still in high school, and the manager would have to gather all our sales data to determine how our schedule will be for the following week. Another example of how statistics are used in business is when companies are looking to release a new product. They need to be able to analyze the needed information to then determine what would be the right sales price, product labeling, and when it would be the right time to release their new product as well. There are a lot of different types of statistics that are used all the time in all different types of business fields and many people really don’t realize it. Like when a business decides to make their store hours based off what will be able to meet the needs of their customers and be available during those