Statistics in Business Essay Example for Free

Statistics in Business EssayWhat is statistics? Statistics is collecting, measuring, analyzing, and communicating data. There are two types of statistics, descriptive statistics and inferential statistics (Lind, Marchal, Wathen, 2011). Statistics are applied in different situations. This paper will describe the role statistics has in making business decisions. This paper will in like manner provide examples of situations in which statistics are applied.Types of StatisticsLind, Marchal, and Wathen define statistics as The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions (Lind, et al. , 2011, p. 5). In statistics thither are two types, descriptive and inferential statistics. First, descriptive statistics is the informative organization, summarization, and presentation of data. The second type of statistics is inferential statistics. Inferential statistics is also called statistical inference, is the metho ds use to auspicate a property of a population on the basis of a sample (Lind, et al., 2011 p. 7).Statistic ExamplesOne example of statistics in a situation is when starting a weight loss program. To measure the progress of the weight loss over term the individual would measure their weight on the same day and time every week then plot the results on a chart for six months. Another example is in baseball. In baseball a buff statistics is used to see the probability of hitting certain types of the pitches and rather the batter can hit a homerun. A third example is when network transmit use inferential statistics to determine when to cancel a program. The networks gather data samples of the viewers preferences. The ratings of the viewers program preference are in turn used to determine which programs are canceled.ConclusionIn conclusion, statics was defined as the collection, measurement, analysis, and communication of data. The two types of statistics, descriptive and inferential statistics were also defined. Finally, three examples weight loss measurement, baseball hits, and program ratings were presented to provide situations were statistics were applied.