Understanding Statistics for Business and Economics

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Understanding Statistics for Business and Economics – by www.helpwithassignment.com Team

Statistics is an important subject at the University level. The relevance of the subject can be seen in large Corporations where the subject is utilized extensively for collecting, processing and understanding data. Even in computer programs like MS Office, Open Office and Google Documents, the application of spreadsheet software like MS Excel, Google Spreadsheet many statistical applications are utilized. This shows the dependency on Statistics by large Corporations and Governments.

Statistics in Business is the Science of Decision Making In The Face Of Uncertainty.
Therefore a prior knowledge and expertise in Statistics will make the future managers of a Corporation more scientific and analytical in approach.

The various disciplines in which statistics is applied would be in financial analysis, econometrics, auditing, production and operations including services improvement and marketing research.

What Is Statistics?

Statistics includes

1. Collecting Data - e.g., Survey

2. Presenting Data - e.g., Charts & Tables

3. Characterizing Data - e.g., Average

The Application Areas of Statistics include

Economics:

- Forecasting

- Demographies

Engineering:

- Construction

- Materials

Sports:

- Individual & Team Performances

Business:

- Consumer Preferences

- Financial Trends

There are 2 important types of Statistical Methods namely

• Descriptive Statistics – Involves Collecting Data, Presenting Data and Characterizing Data. The main purpose is to describe data

• Inferential Statistics – involves Estimation, Hypothesis and testing. The main purpose is to make decisions about population characteristics

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Understanding Statistics for Business and Economics

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This article was published on 2011/02/14