Statistics in Business

Statistics in Business

Serena Schulke

QNT/275

October 30, 2015

Vahid Keyhani

Statistics in Business

Utilizing statistics in business is an important way for any business to gather and sort through useful information. Statistics can be used in financing, accounting, production and quality control for any company to understand better the results of the data they gathered.

Statistics

A statistic is a property of data, be it a number such as an average or a graph that displays information (Stine & Foster, 2014). Statistics is the science and art of extracting answers from data collected (Stine & Foster, 2014). Statistics relies on data, information that helps describe the surrounding world. Statistics also help us answer questions by providing methods designed to handle variation (Stine & Foster, 2014). Statistics provides patterns and models that help narrow down the variations, helping pinpoint business patterns in the data collected, providing them with a systematic, foreseeable future (Stine & Foster, 2014). Business can use graphs and charts like:

* Time plots

* Scatter plots

* Data tables

* Time series

* Bar charts

* Pie charts

* Percentiles

* Histograms

* Box plots

When a company uses these methods to display their collected data, they will be able to understand the results of the gathered data efficiently.

Types of Statistics

Two types of statistics are qualitative and quantitative. Qualitative statistics is done with high quality and the data collected will be more in-depth and more detailed information collected in types of surveys. Quantitative statistics is data that is collected in mass quantity, but the information will have little detail, even though more people participated.

When business utilizes statistics to can provide them with valuable information to grow their company and the ability to understand the data collected in an organized way. Statistics are used...