Statistics Business

Topics: Mathematics, Number, Decision theory Pages: 1 (395 words) Published: December 11, 2012
Statistics is in our everyday life and in the work environment because each of us deals with numerical numbers that are everywhere. Statistics is collecting information which can be data or numbers that involves organizing, analyzing, presenting and finding the meaning of a problem (Lind, 2011). There are two types of statistics which are descriptive statistics and inferential statistics. For descriptive statistics this summarizing and organizes data in a particular way it is a set of basic numbers that is describing something. For inferential statistics it is a decision more like a prediction and estimation of a population for sampling. Data can be identify as the levels of measurements that are use for a problem to analyze the results this includes nominal, ordinal, interval, and ratio. Each one of these measurements indicates the calculations for classifying the collective data. In the world of business statistics play a role in the decision making. It helps businesses and companies establish a base of the given results often times statistics can be form graphically to capture a target point. Data is everywhere even in a career an individual may work in or want to pursue. Statistics determines the possible facts to a problem deeper to find the results. These results can be by charts or by any graphical form the numbers are the once that show whether the results are good or bad Problem situation where statistics are present for example a surgeon has to know the measurement on where to cut or operate on a person because these is a decisive part of a surgeons job to know basic math followed by statistics. Statistics is also in casino games like the roulette table guessing the probability that 23 will hit next since 13 hit twice in this game there is a pattern to follow and try to determine what number will fall next if an individual was keeping pattern of numbers of 3 there numbers would include a 3 in them examples 30, 33, and so on at this point it’s all...
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