Statistics in Business Paper
Statistics in business
Statistics as define in our textbook is “The science of collecting organizing presenting and interpreting data to assist in making more effective decision” (Lind, et al. 2011). In other words it is a typical mathematical analysis involving the use of quantified representation, models and summaries for a given set of empirical data or real world observation.
Types and levels of statistics
Statistics come in two major types which is descriptive and inferential. Descriptive statistics is define as “method of organizing, summering and presenting data in an informative way.” (Lind, et al. 2011). An example of descriptive statistics is