Statistics in Business

Statistics is a way of gathering, analyzing, interpreting and presenting data so that it becomes more meaningful. It helps convert raw data into useful instruction. Statistics is in that locationfore a collection of information. Statistics backside be presented in graphical form to suck in it more appealing and easily understandable by the users. Statistics canful be descriptive or inferential. Descriptive statistics have to do with methods in a data set that utilizes numerical and graphical to look for patterns to summarize the information revealed in a data set, and to present the information in a convenient form.The four elements of descriptive statistical problems be the commonwealth or sample of interest, one or more variables (characteristics of the commonwealths or sample units) that atomic number 18 to be investigated, Tables, graphs, numerical summary tools, and the identification of patterns in the data. Also there are Inferential statistics that utilizes sample da ta to make estimates, decisions, predictions, or new(prenominal) generalizations about a larger set of data.There are 5 elements of inferential statistical problems The population of interest, one or more variables (characteristics of the population units) that are to be investigated, the sample of population units, the inference about the population based on information contained in the sample, and a measure of reliability for the inference. When it comes to the role of statistics in business decision making it is applied in many ways in terms of consumer preferences or even pecuniary trends.For voice, managers across any type of business unit formulate problems, they resolve on a question relating to the problem and then form a statistical formulation of the question is used to determine answers to all of the above. An example of a business question may be how many calls are answered on average in a call center and how can we increase the numbers of calls answered per hour. A nother example may be how we can increase the number of accounts.