Statistics in Business

Statistics is a sort of gathering, analyzing, interpreting and make uping information so that it becomes more than meaningful. It helps convert raw entropy into useful information. Statistics is therefore a collection of information. Statistics can be presented in vivid form to make it more appealing and easily comprehensible by the users. Statistics can be descriptive or inferential. Descriptive statistics capture to do with methods in a data invest that utilizes numerical and graphical to look for patterns to summarize the information revealed in a data set, and to present the information in a convenient form.The four elements of descriptive statistical capers are the population or sample of interest, nonpareil or more variables (characteristics of the populations or sample units) that are to be investigated, Tables, graphs, numerical summary tools, and the realization of patterns in the data. Also there are Inferential statistics that utilizes sample data to make esti mates, findings, predictions, or other generalizations about 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 reliability for the inference. When it comes to the role of statistics in worry decision making it is applied in many ways in terms of consumer preferences or even financial trends.For spokesperson, managers across any type of business unit formulate problems, they decide on a question relating to the problem and then form a statistical formulation of the question is utilize to determine answers to all of the above. An example of a business question whitethorn be how many calls are answered on average in a call center and how can we increase the numbers of calls answered per hour. Another exampl e may be how we can increase the number of accounts.