Statistics can be defined as “ the science that deals with the collection‚ classification‚ analysis‚ and interpretation of numerical facts of data‚ and that‚ by use of mathematical theories of probability‚ imposes order and regularity on aggregates of more or less disparate elements” (Dictionary.com‚ LLC‚ 2008). Yet how do we use these specific elements in our everyday working lives? Many don’t realize the extent to which we as a culture base our decisions on statistics. We us them in something
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Association [ASA]‚ 2008). Statistics is a division of mathematics that centers on the collection and evaluation of data‚ which can be drawn upon to make conclusions (Aron‚ Aron‚ & Coups‚ 2006‚ 2). Two branches of statistics exist‚ including descriptive and inferential domains. Extrapolation beyond the data is where the real difference emerges. Indeed‚ these two subcategories vary in function and definition. However‚ a relationship exists between descriptive and inferential statistics‚ irrespective of the
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Statistics In Business Quantitative Analysis for Business September 22‚ 2013 Dr. John Kwagyan Introduction Statistics is a tool used in businesses for planning and measuring the various activities a business is engaged in. Descriptive and inferential statistics are two different types of statistics used in a business. Statistics is the most widely used quantitative method in business. Statistics describes a set of data and then it draws a conclusion from the data
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Statistics in Business Quantitative Analysis for Business University of Phoenix Tanya Bailey April 22‚ 2013 Statistics can sometimes be difficult for some individuals. Understanding the concept of statistics‚ which is known as the science of data‚ may help a person in the business world. This involves classifying‚ summarizing‚ analyzing‚ collecting‚ and interpreting numerical information. The information gathered from statistics can help startup companies‚ and even
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Statistics is the study of the collection‚ organization‚ analysis‚ interpretation‚ and presentation of data. It deals with all aspects of this‚ including the planning of data collection in terms of the design of surveys and experiments. The word statistics‚ when referring to the scientific discipline‚ is singular‚ as in "Statistics is an art. "This should not be confused with the word statistic‚ referring to a quantity (such as mean or median) calculated from a set of data‚ whose plural is statistics ("this
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Define Statistics Statistics is the practice of gathering‚ sorting‚ and categorizing numerical information in an organized format that can be used to acquire results to specific problems. According to McClave‚ Benson‚ and Sincich (2011)‚ “Statistics is the science of data. It involves collecting‚ classifying‚ summarizing‚ organizing‚ analyzing‚ and interpreting numerical information” (p. 3). Different Types and Levels of Statistics There are two types of statistics. One is descriptive which defines
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Statistics in Business Statistics is a mathematical science pertaining to the collection‚ analysis‚ interpretation or explanation‚ and presentation of data. It also provides tools for prediction and forecasting based on data. It is applicable to a wide variety of academic disciplines‚ from the natural and social sciences to the humanities‚ government and business ("Statanalysis Consulting"‚ 2013). Statistics is used in decision making that affects our everyday lives. The study of statistics
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Introduction Learning goals ❖ What is meant by Statistics ❖ What is meant by Descriptive Statistics and Inferential Statistics ❖ Difference between Parameter & Statistic ❖ Types of Statistical Inferences What is meant by Statistics ? Statistics is the science of collecting‚ organizing‚ presenting‚ analyzing‚ and interpreting numerical data to assist in making more effective decisions. Types of Statistics Descriptive Statistics : • Methods of organizing‚ summarizing‚ and presenting
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are two main branches of statistics that include descriptive statistics and inferential statistics.Descriptive statistics gives numerical measures that describes the features of a given set of data. Inferential statistics on the other hand takes a sample of a given population‚ analyses the sample‚ and from it draw conclusions about the population .Malcolm.O.Asadoorian and Demetrius Kantarelis in their book: Essentials of inferential statistics argue that descriptive statistics organize ‚ summarize and
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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
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