Statistics in Business

Statistics is a way of gathering, analyzing, interpret and presenting info so that it becomes more meaningful. It helps substitute raw data into useful schooling. Statistics is thereof a collection of information. Statistics faeces be presented in graphical form to happen upon it more appealing and easily comprehensible by the users. Statistics can be descriptive or illative. Descriptive statistics have to do with methods in a data fasten that utilizes numerical and graphical to look for patterns to summarise the information revealed in a data ready, and to present the information in a convenient form.The four elements of descriptive statistical problems are the population or adjudicate of interest, one or more variables (characteristics of the populations or seek units) that are to be investigated, Tables, graphs, numerical summary tools, and the identification of patterns in the data. also there are Inferential statistics that utilizes sample data to make estimates, purposes, predictions, or other(a) generalizations active 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 reliableness for the inference. When it comes to the role of statistics in business decision making it is applied in galore(postnominal) ways in terms of consumer preferences or even financial trends.For example, managers across whatsoever type of business unit spurt problems, they decide on a interrogative sentence relating to the problem and then form a statistical formulation of the question is apply to determine answers to all of the above. An example of a business question may be how many calls are answered on ordinary in a call meaning and how can we increase the numbers of calls answer ed per hour. some other example may be how we can increase the number of accounts.