Running head: STATISTICS IN BUSINESS SUMMARY 1

Statistics in Business Summary Nicholas Pullens QNT/351 January 16, 2013 Thomas Woodruff

STATISTICS IN BUSINESS SUMMARY Statistics in Business Summary According to McClave, Benson, and Sincich (2011), statistics is the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical

information (Chapter 1, Statistics, Data, and Statistical Thinking). In business there are two types of statistics; descriptive and inferential. Descriptive or quantitative statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form (McClave, Benson, & Sincich, Chapter Chapter 1, Statistics, Data, and Statistical Thinking, 2011). Inferential or qualitative statistics utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data (McClave, Benson, & Sincich, Chapter 1, Statistics, Data, and Statistical Thinking, 2011). The Role of Statistics in Business Statistics are used to study numerical data when stats are involved. They present businesses or corporations with the information needed to employ short term and long term methods, strategy initiatives. To get a business off the ground, the CEO first has to get the funding for the operation. I order to get the funding a plan has to be implemented and then presented to the banks, which are usually the ones providing the funds. Using statistics can be the way the business can get approved for the funding from the banks. Businesses that fail to properly use to statistics may not have the opportunity to get a complete grasp of the important information needed to run a triumphant organization. Examples or Situations that Statistics can be used Three examples in which statistics could be used are; prices, age, and child birth. When using prices for statics one can relate to gas prices. If an owner of the store wants to find out during a three month expand on what gas prices had the best sales he could figure that out by

STATISTICS IN BUSINESS SUMMARY

using statistics. When using age as an statistic, a manager can find out what age usually buys from his store he could produce a survey that has the consumers input their age so he would know what to add and take away from his inventory. As for births if a hospital wants to know what month is usually the busiest for birth, they can have the data inputted and use the statistics to know when to be over staffed and when not to.

References

STATISTICS IN BUSINESS SUMMARY

McClave, J. T., Benson, G. P., & Sincich, T. (2011). Statistics for business and economics (11th ed.). Retrieved from The University of Phoenix eBook Collection database

STATISTICS IN BUSINESS SUMMARY