Statistics in Business

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Statistics in Business QNT 351 August, 2012 University of Phoenix What are Statistics? Statistics is the science involved in the application of quantitative principles to the collection, description, interpretation, and presentation of numerical data, as well as the meaning of collected data within the realm of business, and is also commonly used for marketing procedures. Statistics generally deals with the main business elements and the planning process of the data that have been collected through the development of surveys as well as additional tests. Types and Levels of Statistics Even though statistics is general term, there are still two different types of statistics, which includes descriptive statistics that consist of…show more content…
Upon completion of the statistical analysis, the results provide a business with quantitative data that can be very beneficial to the company that conducted the statistical research. Three Examples of Statistics Statistics are useful in business and have been used to help out companies globally. There are many situations that a statistical analysis would prove to be beneficial to a business because the research and results can provide important information that the company was unaware of or information that a company needs to improve their products or services. However, statistics are used for different kinds of data research, for example, if the United States wanted to conduct a survey to try to apply appositive image to the U.S military. The statistic would be as follows, more people die from accidents in the workplace then soldiers in the military during the time of war. Another statistic would involve the theory that high housing and decreased income costs are among the reasons that young adults are living at home longer than years in the past. The last situation that comes to mind regarding a purpose for statistics would be a business that wants to know what factors drive sales for the business. All of the previous examples are examples of situations that used statistics as well as a hypothetical situation that would benefit from a statistical analysis. Conclusion The use of statistics is beneficial to

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