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# Statistics in Business Write a 300-word summary that addresses

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Statistics in Business Write a 300-word summary that addresses
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Statistics in Business Write a 300-word summary that addresses
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This 3 page Study Guide was uploaded by an elite notetaker on Tuesday January 12, 2016. The Study Guide belongs to a course at Zuni Comprehensive Community Health Center taught by a professor in Fall. Since its upload, it has received 16 views.

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Date Created: 01/12/16
Statistics Statistics can be defined as the study of the collection, interpretation, analysis, presentation, and organization of  data  to extract meaningful information from the data. Statistics has various applications in scientific, industrial and social fields. In using statistics it is essential to start with population   to be analyzed. Populations can have diverse topics varying from number of persons in a country to number of atoms in a crystal. Statistics deals with different aspects of data such as planning of data collection through surveys and experiments (Data collected can be of structured or unstructured form) and then analyzing data through by applying various statistical tools and then extracting meaningful information from it. Levels of Statistics There are four levels of measurement nominal, ordinal interval, and ratio. Nominal level indicates the binary data, ordinal level indicates classification data without order, interval level measurement includes ranking data with order but the distance between data is immaterial and in ratio level measurement order with the distance between data point is measured. Types of Statistics There are two broad categories of statistics descriptive statistics and inferential statistics. Descriptive statistics involves analyzing relevant information from the population where as in inferential statistics samples is drawn from the population and based on the drawn sample is analyzed to draw the inference about the properties of the population. Business Uses Today statistics has become the integral part of business decision making. Statistics helps businesses in making rational decisions based on the previous data. Statistics can provide business with relevant data which could help them in demand forecasting, competitor analysis, market analysis, level of customer satisfaction, positioning of their product and many other fields.  Situations where statistics is used Statistics have numerous uses; one of the important applications of statistics which is becoming very important is in analyzing the big data. As the three is huge surge in people using social media and internet huge amount of data is generated on a daily basis. Big data analytics helps in analysis of that huge data and extract meaningful information from the data which could help business houses in analyzing needs, wants, profiles and preferences of their customers. Second area where use of statistics is continuously increasing is political campaigning, Political parties are extensively using statistics two predict their positioning among voters and then. This helps them in allocating campaigning resources to the relevant constituencies to achieve optimum results. Third application where statistics has been continuously used from past days is insurance sector. It helps companies in predicting the expected value of human life and then designing insurance plans according to the properties of particular population.

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