Statistics in Business

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dhvapl16

Mathematics

Description

Develop a 875-word response that addresses each of the following prompts:

  • Define statistics with citation and reference.
  • Contrast quantitative data and qualitative data. Use two Peer Reviewed references.
  • Evaluate tables and charts used to represent quantitative and qualitative data.
  • Describe the levels of data measurement.
  • Describe the role of statistics in business decision-making.
  • Provide at least two business research questions, or problem situations, in which statistics was used or could be used.

Use two peer reviewed references.

Format your assignment consistent with APA guidelines.

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Explanation & Answer

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Running Head; Statistics in Business

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Statistics in business
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Statistics in Business

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Statistics in Business

Statistics is a social science that is concerned with the collection, classification,
analysis and interpretation of numerical facts to allow the drawing of inferences on the basis
of their quantifiable likelihood (Smith & Duncan, 2011). Fundamentally, statistics can be
used to interpret large combinations of data to make it understandable in typical observation.
This is because such data, usually behaves in a predictable and regular manner unlike
individual quantities. Going by this measure, business use statistics as a measure of decision
making usually in the areas of auditing, econometrics, financial analysis and in conducting
the market research.
Generally, there are two types of data in statistics; quantitative and qualitative.
Quantitative data presents data in numerical form. That is, data that can be measured and
written down in values such as, height and length. This type of data can be used in
constructing tables of raw data and constructing graphs. Typically, most of the experiments
yield quantitative data as they are concerned with measuring different things. On the other
hand, qualitative data is one that cannot be expressed in numerical values. Instead, this data
presents information on the qualities of a particular aspect, for instance, beauty, texture...


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