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Statistics, according to Webster’s Dictionary, can be defined as a “branch of mathematics that deals with the collection, analysis, interpretation, and presentation of masses of numerical data”.
There are four different levels of statistics, including nominal, ordinal, interval and ratio. There are two different types of statistics and those are categorical and numerical data. Numerical data is expressed through various numbers, and patterns in those sets of numbers. Categorical data is data that has been categorized into different groups, or categories, making the data easier to read and understand.
Decision making in business relies heavily on statistics, because a business owner must be able to see the data, and determine, by analyzing the statistics of the decision they are making. If the statistics show that a certain decision may be a bad idea for the business, they may lean closer to not making that decision. However, if the statistics show the business owner that the particular decision has been a good decision in the past, they will make the decision in favor of the business. There are times, however, that
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By: margaretw12
Submitted: December 20, 2015
Essay Length: 331 Words / 2 Pages
Paper type: Essay Views: 270
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