BusinessBusiness Statistics Topic: Report Introduction The art and science of collecting, analyzing, presenting and interpreting data to make more effective decision. A collection of numerical information is called statistics.
In addition to helping the business analyst to organize and describe data, business statistics allows meaningful comparisons to be made between and among complex sets of data.
Business statistics can be applied to a wide range of business problems including marketing, operations, quality control, and forecasting. The usefulness of statistical analysis, however, depends on the quality of the hypothesis being tested. There are a number of considerations for developing a testable hypothesis that will yield meaningful results when analyzed and for designing a research study that will control extraneous variables while emulating the real world situation to which the results will be extrapolated.
Every day, business persons are faced with a multitude of questions the answers to which can determine not only the course but the very success of the business.
Are men or women more likely to buy a gizmo, and how do we best advertise it to them? How do we turn prospective customers into established customers?
Will oil prices continue to rise and will people be open to alternative fuel sources? If the business answers these questions correctly, it can be on the leading edge of its industry.
However, if the business answers these questions incorrectly, it can potentially lose money, its market share, or even its viability. Mathematical statistics is a branch of mathematics that deals with Statistics business paper analysis and interpretation of data.
Mathematical statistics provides the theoretical underpinnings for various applied statistical disciplines, including business statistics, in which data are analyzed to find answers to quantifiable questions.
Business statistics is the application of these tools and techniques to the analysis of real world problems for the purpose of business decision making. There are two general classes of statistics that are used by the business analyst. Descriptive statistics are used to describe and summarize data so that they can be more easily comprehended and studied.
Among the tools of descriptive statistics are various graphing techniques, measures of central tendency, and measures of variability. Graphing techniques help the analyst aggregate and visually portray data so that they can be better understood.
Included in this category are histograms, frequency distributions, and stem and leaf plots. Measures of central tendency estimate the midpoint of a distribution. These measures include the median the number in the middle of the distributionthe mode the number occurring most often in the distributionand the mean a mathematically derived measure in which the sum of all data in the distribution is divided by the number of data points in the distribution.
Measures of variability summarize how widely dispersed the data are over the distribution. The range is the difference between the highest and lowest scores in the distribution. The standard deviation is a mathematically derived index of the degree to which scores differ from the mean of the distribution.
Descriptive statistics are helpful for taking large amounts of data and describing them in ways that are easily comprehendible. Pie charts, histograms, and frequency polygons are frequently used in business presentations and are all examples of ways that descriptive statistics can be used in business.
Although such descriptive statistics are useful in summarizing and describing data, business statistics is an applied form of mathematics and is a valuable tool for helping analyze and interpret data. This can be done through the use of inferential statistics, a collection of techniques that allow one to make inferences about the data, including drawing conclusions about a population from a sample.
In general, inferential statistics are used to test hypotheses to determine if the results of a study occur at a rate that is unlikely to be due to chance i.
A hypothesis is an empirically testable declarative statement that the independent and dependent variables and their corresponding measures are related to in a specific way as proposed by the theory.
The independent variable is the variable that is being manipulated by the researcher. For example, a market researcher might be trying to determine which new breakfast cereal the organization should bring to market.
The independent variable is the type of breakfast cereal. Examples of hypotheses include "the new red widget logo is better remembered than the old blue logo," "grade school children prefer the taste of new, improved Super Crunchies to original Crunchies cereal," or "Widget Corporation stores in the western states are more profitable than those in the East.
The null hypothesis H0 is the statement that there is no statistical difference between the status quo and the experimental condition.
In other words, the treatment being studied made no difference on the end result. For example, a null hypothesis about the effectiveness of the two possible logos for Widget Corporation would be that there is no difference in the way that people react to the old logo versus the new logo.
The alternative hypothesis H1 states that there is a relationship between the two variables e. Following the formulation of the null hypothesis, an experimental design is developed that allows the researcher to empirically test the hypothesis.
Typically, this design will have a control group that that does not receive the experimental conditions e. The analyst then collects data from people in the study to determine whether or not the experimental condition had any effect on the outcome.Database of FREE Statistics essays - We have thousands of free essays across a wide range of subject areas.
Sample Statistics essays! Question Statistics in Business Paper Purpose of Assignment. The purpose of this assignment is to have students demonstrate mastery of the foundational . The students in the class will have a hands-on experience using SPSS for doing statistics, graphics, and data management.
The class notes are the scripts for the . Although such descriptive statistics are useful in summarizing and describing data, business statistics is an applied form of mathematics and is a valuable tool for helping analyze and interpret data.
Statistics in Business Research Paper Statistics in Business Quantitative Analysis for Business University of Phoenix Tanya Bailey April 22, Statistics can sometimes be difficult for some individuals. Understanding the concept of statistics, which is known.
Statistics in business paper 1. Statistics in Business Stacey Troup QNT/ September 5, University of Phoenix 2. Statistics in Business 2 The science of statistics is simply a way for us to gather information and turn it into understandable data in the form .