Statistics in Business
June 12, 2016
Statistics refers to the use of numerical information in everyday life to calculate facts and figures in limitless circumstances such as, batting averages, market share, and changes in the stock market. In addition, statistics refers to the scientific collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical data. Statistics involves describing data sets and drawing conclusions based on sampling about the data sets. Statistics are divided into two areas: descriptive statistics and inferential statistics. Descriptive statistics are procedures used to describe and organize the basic characteristics of the data studied. Descriptive statistics provide simple summaries about the sample group and the measures. This application of statistics is used to present quantitative data in manageable forms such as charts, graphs, or averages. Descriptive statistics differ from inferential statistics in that they
Methods of Statistics
There are different methods of statistics. The first method is experimental method. This method uses several different steps which include 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. This method explores the correlation between cell phones and brain cancer. The third method of statistics is levels of measurement. This method has four levels of measurement which are 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 assumption is related to the proposed cause (Wegner, 2010).
Data Collection Method
The data collection method tends to have three stages, which are...