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 (Stat analysis Consulting, 2013)". There are several types and levels of statistics in the world of business. It is vital that each type and level is understood when conducting proper research and analysis.

Descriptive, predictive, and inferential statistics are all examples of statistics. Descriptive statistical methods can be used to summarize or describe the various collections of data. Inferential statistics is the way patterns in the data may be modeled in a way that accounts for randomness and uncertainty in the observations, and are then used to draw inferences about the process or population being studied (Stat analysis Consulting, 2013). Mathematical statistics is a concern with the theoretical basis of the subject. There is also a branch of statistics called exact statistics that is based on exact probability statements. When dealing with these certain types of statistics, one must know and be able to identify the correct choice of the chosen methods. It is vital criteria that can be a useful tool when conducting business. These may enable the chosen researcher to open doors that may have not been previously acknowledged.

Statistics plays a significant part in successful business decisions. Any successful entrepreneur has to be especially sharp and correct when making business decisions.

Statistics will help entrepreneurs to align production according to the market demand. Utilizing business statistics the quality of the products may also be verified in a more scientific manner to save on measuring cost.

Here are some examples of how statistics can be used. Official statistics are statistics published by government agencies or other public bodies such as international organizations. A census is a complete enumeration of a population or groups at a point in time with respect to well-defined characteristics (population, production). A register is a database that is updated continuously for a specific purpose and from which statistics can be collected and produced. It contains information on a complete group of units. All of these are ways in which statistics can be used.

References

Stat analysis Consulting, 2013... Retrieved on February 14, 2013