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The Essentials of Studying Statistics Essay

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The Essentials of Studying Statistics

Introduction

Making effective business decisions are always based on cost, time and prospect. Calculating money cost, time cost and forecast of return, all are based on marketing research, data mining, information analysis and findings. The way of the finding the answer is statistics.

Statistics – The Method of Organizing Data

Broadly, statistics is a set of disciplines for study quantitative information. Implied that several methods used to collect or process or interpret quantitative data from large amount of information, then finally generate a calculated number, for example average, mean, standard deviation…etc. All of these are the key reference for decision making or predicting …show more content…

This also means that, statistics become the beacon to many businesses and corporate.

How to start a statistical study?

Briefly, there are 3 simple steps to understand how to get a solution from statistical study:

1. Collect and gather statistical information
2. Analyze information
3. Infer a conclusion from the information Descriptive Statistics – Tell You the Facts

It is commonly make a distinction between descriptive statistics and inferential statistics, which used in different approaches of information analysis.

Descriptive statistics is the basis of virtually every quantitative analysis of data. It is a study of the characteristics of the population and samples. By collecting and describing the information, a group of simplified and arranged data communicates a conclusion. Key analysis included average, mean, mode, standard deviation, central tendency, dispersion and Kurtosis of the variables. It is meant that descriptive statistics is an attempt to summarize experience and phenomenon. The results always presented by different diagrams (histogram, pie chart or polygon) for effective understanding.

The method of descriptive statistics is always applied on study the correlation among few factors. The following is a typical example of the relationship between cholesterol and blood pressure.

Example 1

Adult 1 2 3 4 5 6 7 8 cholesterol (x) 225 207 270 217 285 274

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