Statistics in Business

Statistics in Business
QNT/351
William Modey
Quantitative Analysis for Business
Salonyia Fisher

Summary
Statistics is accurately defined as the study of the analysis, data collection, and organization of the data which is interpreted by a particular business field. Statistics main focus is usually dealing with the preparation procedure of the data collection in the course of developing surveys and creating experiments. When an organization uses statistics, it needs to be taken into consideration that there are two main types of statistics, which are inferential statistics and descriptive statistics. Descriptive statistics targets to sum up data sets, instead of just using data collected from a given population. Inferential statistics is used to describe different systems of procedures that can draw conclusions from arising datasets pretentious by random variations.
Methods of Statistics
There are several different methods of statistics. The first method is experimental method, which uses several different steps in this process that includes planning the research process, designing the experiments, performing the experiments, further examining the datasets, and documenting the results of the study. The second method is the observational study, which explores the correlation between two things. The third method of statistics is levels of measurement. This method has four levels of measurement, ratio, ordinal, nominal, and interval. All four of these measurements are different in use. The Null hypothesis is another method that is an interpretation of statistical information, which involves the development of a null hypothesis in which the assumption is related to the proposed cause (Wegner, 2010).

Data Collection Method

The data collection method tends to have three stages, which are pre collection activity, collection, and present findings. Before starting any form of data collection the pre collection is the most critical stage in this process. There are a several ways of collecting data, but just to name a few there is surveys, interviews, and even census. Through the data collection a business can obtain important information, which will help them to design appropriate avenues to their business.