Statistics in Business Essay

360 WordsSep 1, 20142 Pages
Statistics In Business Cecelia Emmitt June 30, 2014 QNT/351 Ahmad Kamali-Nejad Statistics involves the interpretation, collection, analysis, and classification of data for use in mathematical probability theories in a numerical form. The two main types of statistics are qualitiative and quantiative. Qualitiative statistics are found through answers given from a good quality of information which is found to be in a very informative way. Quantiative statistics are given through information from more people, but are less in depth than that of qualititative statistics. There are four different statistical levels that can be used. All of the collection intervals use level one as a default because a statistical level cannot be higher than the collection interval. Level one is best when monitoring long-term performance where device statistics are unnecessary. Level two statistics are also used for long-term monitoring, but require additional monitoring beside basic statistics. Level three statistics are used for short-term monitoring when problems are present and device statistics must be used. This level is best to be used for a week or day. Level four statistics are require short-term monitoring and should be used for the shortest period of time. Statistics in business decision making are extremely important. Without statistics business owners would lack the information needed to run the business successfully. For instance, profit and loss statement information is gathered through the use of statistics, not to mention statistics provide management with the means of gathering informational tools than can use for making plans within the organization. One situation where statistics were used is in the collection of population data within a specific area. For instance, statistics are used to figure out how many people populate a certain area, even down to

More about Statistics in Business Essay

Open Document