Statistics in Business

Topics: Statistics, Measurement, Business Pages: 3 (859 words) Published: June 25, 2013
Statistics in Business
Christian A. Coronel
June 10, 2013
Jeffrey Greene

Statistics in Business
Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. Some experts prefer to call statistics data science, a trilogy of tasks involving data modeling, analysis, and decision making. In contrast, a statistic is a single measure, reported as a number, used to summarize a sample data set. Knowing statistics will make you a better consumer of other people’s data. You should know enough to handle everyday data problems, to feel confident that others cannot deceive you with spurious arguments, and to know when you’ve reached the limits of your expertise. Statistical knowledge gives your company a competitive advantage against organizations that cannot understand their internal or external market data. And mastery of basic statistics gives you, the individual manager, a competitive advantage as you work your way through the promotion process, or when you move to a new employer. Nominal Level of Measurement

The nominal level of measurement is the lowest of the four ways to characterize data. Nominal means "in name only" and that should help to remember what this level is all about. Nominal data deals with names, categories, or labels. Data at the nominal level is qualitative. Colors of eyes, yes or no responses to a survey, and favorite breakfast cereal all deal with the nominal level of measurement. Even some things with numbers associated with them, such as a number on the back of a football jersey, are nominal since it is used to "name" an individual player on the field.

Ordinal Level of Measurement
Data at this level can be ordered, but no differences between the data can be taken that are meaningful. Here you should think of things like a list of the top ten cities to live. The data, here ten cities, are ranked from one to ten, but differences between the cities don't make much sense. There's no way from...
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