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Definition of Statistics

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QNT/351: Quantitative Analysis for Business
Individual Exercises Week One
Statistics in Business
October 2, 2013

Definition of Statistics
Statistics, the mere mention of the “word” strikes fear in the hearts of students. Statistics is a subject that consumers are bombarded within the form of commercials, advertisements, work, and even political campaigns; however little thought is put into how the numbers are derived. A personal definition of statistics is a set of data that is arraigned to prove or disprove a point of view; this view may or may not be in line with one’s opinion. Personally, the belief that the numbers can be biased to benefit the originator of the study call into question the validity of statistical data, as an example, every make of toothpaste is recommended by nine out of 10 dentists. The textbook definition of statistics is the “science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions” (Lind, Marchal, & Wathen, 2011, p. 5).
Types and levels of statistics
There are two types of statistics, descriptive, and inferential. Descriptive statistics present data in an organized manner summarizes and presents the information in an informative way. Inferential statistics present data about a subject from information gained from the subject. The levels of measurement include Nominal, Ordinal, Interval, and Ratio.

Role of statistics in business
The primary purpose of statistical data in business is to provide information so business can make informed decisions in a timely manner. The company I work for uses statistical data in various forms daily. One example is the data collected from employees on engagement issues; the company uses this information to develop actions that will increase productivity. Statistical data is also collected on weather patterns

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