Statics in Business

Statistics means different things to different people. According to the Merriam-Webster Dictionary, Statistics is the practice or science of dealing with the collection, analysis, interpretation, and presentation of numerical data. Basic statistic data are collected by statisticians or mathematicians. There are different types and levels of statistics. The different levels call for different statistical techniques. There are four types; the lowest of the four ways to characterize data is Nominal. Nominal data deals with names, categories and or labels. The data at the nominal level is qualitative data that cannot be ordered. The next level can be ordered is Ordinal. No differences between the data can be taken that are meaningful, but nominal and ordinal should not be used in calculations. The next level Interval deals with the data that can be ordered and in which differences between the data does make sense. Data at this level does not have a starting point. The data can be used in calculations. The highest level that possesses all of the features of interval in addition to a zero value is Ratio. With the presence of zero it make sense to compare the ratios of measurement, sums and differences that can be calculated along with ratios. Statistics means different things to different people. According to the Merriam-Webster Dictionary, Statistics is the practice or science of dealing with the collection, analysis, interpretation, and presentation of numerical data. Basic statistic data are collected by statisticians or mathematicians. There are different types and levels of statistics. The different levels call for different statistical techniques. There are four types; the lowest of the four ways to characterize data is Nominal. Nominal data deals with names, categories and or labels. The data at the nominal level is qualitative data that cannot be ordered. The next level can be ordered is Ordinal. No differences between the data can be

References: www.referenceforbusiness.com Http://home.ubalt.edu/ntsbarsh/Busin...at/opre504.htm www.Merriam-webster.com/dictionary/statistics Http://sites.google.com/site/systematives/statistics/statisticaldate and typeslevelsofmeasurements SmallBusiness.chron.com, The importance of Statistics in Management Decision Making by John T. Williams, Demand Media