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Major Statistical Techniques Applied in Businesses - Research Paper Example

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The writer of this paper aims to analyze the major statistical techniques applied in businesses. All these techniques are applied quite often for the purpose of analyzing and interpreting various issues related to business and economic decision making…
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Major Statistical Techniques Applied in Businesses
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Download file to see previous pages In any business firm, statistical analytical tools provide great help to the management in their decision making. Statistics are really essential in the decision making procedure of the businesses as it enhances the understanding regarding the sources of variation in certain variables and uncovers different types of pattern and relationships among different variables from the business data. Statistical analyses of data are very important for strategy making for the business houses. In the same way, to understand the pattern of the relationship between the certain variable of the economy, statistical techniques come to great help. (Downing and Clark, 1-2; Kazmier et al. 1) For the purpose of analysis of data, mainly two types of statistical techniques are applied in areas of businesses and economics, for instance, descriptive statistics and inferential statistics. Each of these categories includes various types of techniques. In the case of descriptive statistics, those tools, which mainly summarize the available numerical data and describe them to make the interpretation easy, are used. On most of the occasion, the method of descriptive statistical analysis includes various types of graphical techniques and is mainly based on computational analysis. Inferential statistical analysis employed in those cases when the business or economic decisions are required to be made under uncertainties. Inferential statistical analysis includes those techniques which help to make any decision regarding the entire population on the basis of an observed sample, not on the basis of the data for the entire population. In case inferential statistical, probability concepts are required to be incorporated in the techniques used for the purpose of decision making as the decision is made under uncertain conditions. When statistical characteristics of data are measured on the basis of a sample then, then the estimated values of those characteristics are known to be as sample statistics. ...Download file to see next pagesRead More
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