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## QNT 351 Week 1 Individual Statistics in Business

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# QNT 351 Week 1 Individual Statistics in Business

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QNT 351 Week 1 Individual Statistics in Business
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Date Created: 11/14/15
Statistics in Business Statistics in Business Jeannie Gilmore QNT351 January 12 2015 Daniel Puente Statistics in Business Summary Statistics are defined as the review of the examination statistics compilation and configuration of the information that is taken to mean by a certain occupational line of work Statistics chief emphasis is generally dispensing the groundwork of the information gathering in the development of crafting the evaluations and trials While using statistics one must know that there are two key forms of fact findings these findings are referred to as inferential and descriptive statistics A descriptive statistical objective is to summarize information arrangements in place of using information received from a specified people set Inferential statistics refer to unlike classifications of methodology that depict inferences from ascending datasets exaggerated by unplanned variants Methods of Statistics Various methods of statistics exist at present experimental method observational study and level of measurement The experimental method uses numerous diverse processes which include research planning experiment design conducting experiments extended investigation of the findings and recording the conclusion Observational study surveys the relationship concerning cell phones and brain cancer The level of measurement has four stages interval measurement nominal ordinal and ratio Each level of measurement varies in distinction and usefulness Another form of interpretation is the Null hypothesis this hypothesis contains the expansion of a theory in the conjecture is linked to the projected effect Wegner 2010 Statistics in Business Data Collection Method There are three stages to information gathering pregathering gathering and current discoveries The pregathering step is the most essential development There are a several ways of collecting data but just to name a few there is surveys interviews and even census Through the data collection a business can obtain important information which will help them to design appropriate avenues to their business Role of Statistics Statistics play a huge role in the decisionmaking process of an organization as the statistics method provides the market analysis In order to strategically make the market conditions ow appropriately the organization must have a proper analysis Statistics in Business References Wegner T 2010 Applied Business Statistics Methods and ExcelBased Applications

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