Statistics in Business
Statistics in Business
Katherine Wolf
QNT/275
April 3, 2015
Barry Adkins
Statistics in Business
Statistics is all about collecting numerical data, organizing it, and interpreting the data to form hypothesis. While interpreting the data we are able to draw all kinds of conclusions from weather forecasts to how much money a company is projected to make over the next year. There are different types of statistics that can be used for different outcomes. You have to first identify the objective and the type of data that you will be interpreting.
Types and Levels of Statistics There are two main type of statistics; Quantitative and Qualitative. Quantitative is data that can be measured and written down in numbers. Qualitative is data that can’t truly be measured. For example, the number of cars Jones Junction sold in 2014 would be Quantitative data. If Jones Junction looked presentable or not is an example of Qualitative data. The four different levels of measurement are nominal, ordinal, interval, and ratio. The different levels of measurement are used to determine what type of statistical data you are analyzing.
Role in Business Decision-Making
Statistics plays a major role in the decision–making for businesses. Statistics are able to analyze data on employee performance. For example, if there is a certain area in the business that is not doing so well, they are able to compare the employees work performance to see who is not doing their job and possibly bringing down productivity. Also, businesses are able to look at sales and see what items sell the most during what time of year. For example, if a company was not paying attention to what items sold when they would be over ordering. Also, if those items aren’t selling then they are sitting around on the shelves going bad or out of style. This can save a company a lot of money and also help with stocking space.
Conclusion
For companies to succeed it is imperative that they are using
Katherine Wolf
QNT/275
April 3, 2015
Barry Adkins
Statistics in Business
Statistics is all about collecting numerical data, organizing it, and interpreting the data to form hypothesis. While interpreting the data we are able to draw all kinds of conclusions from weather forecasts to how much money a company is projected to make over the next year. There are different types of statistics that can be used for different outcomes. You have to first identify the objective and the type of data that you will be interpreting.
Types and Levels of Statistics There are two main type of statistics; Quantitative and Qualitative. Quantitative is data that can be measured and written down in numbers. Qualitative is data that can’t truly be measured. For example, the number of cars Jones Junction sold in 2014 would be Quantitative data. If Jones Junction looked presentable or not is an example of Qualitative data. The four different levels of measurement are nominal, ordinal, interval, and ratio. The different levels of measurement are used to determine what type of statistical data you are analyzing.
Role in Business Decision-Making
Statistics plays a major role in the decision–making for businesses. Statistics are able to analyze data on employee performance. For example, if there is a certain area in the business that is not doing so well, they are able to compare the employees work performance to see who is not doing their job and possibly bringing down productivity. Also, businesses are able to look at sales and see what items sell the most during what time of year. For example, if a company was not paying attention to what items sold when they would be over ordering. Also, if those items aren’t selling then they are sitting around on the shelves going bad or out of style. This can save a company a lot of money and also help with stocking space.
Conclusion
For companies to succeed it is imperative that they are using
References: Stine, R., & Foster, D. (2014). Statistics for Business Decision Making and Analysis (2nd ed.). Retrieved from The University of Phoenix eBook Collection database.