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Busness Statisics - Essay Example

Summary
On page 38, Moss (2014) gives three definitions of the term statistics. He first describes it as a science which shows how the probability is assigned an event on basis of experiments. The second definition is that statistics is a science which helps in data…

Extract of sample"Busness Statisics"

Download file to see previous pages On page 3 of Jain and Aggarwal’s book, the term statistics has two definitions. The first definition shows that statistics in the plural sense shows it is the numerical data of the facts that relate to different fields of enquiry such as population and prices (2007). In a singular sense, Jain and Aggarwal (2007) define statistics as a science that deals with different methods of data collection, presentation and interpretation among other techniques.
According to Jain and Aggarwal (2007), there are two types and levels of statistics. The first is known as descriptive statistics where the techniques for data collection and organization are used with an aim of providing more details about the data. Under the descriptive type of data, decisions or conclusions are not made. On page 5 of Moss’s book, he cites the second type of statistics as the inferential statistics (2014). This type of statistics involves estimating the characteristic of decision-making that involves a population, based on sample results (Moss, 2014). Under this kind of statistics, there is an estimation of an unknown parameter of the population to check the basis of the sample and to test if the sample data has enough evidence to show the population parameter (Jain & Aggarwal, 2007).
In business, the knowledge of statistics is extremely crucial. For a business person with the knowledge of statistics, it becomes easy to make estimates that are related to supply and demand. It becomes easier to make the right decisions when it comes to seasonal changes, the tastes of consumers in the market, the customs and the market’s trade cycle (Jain & Aggarwal, 2007). For example, a business person with knowledge of statistics is in a better position to know a market’s supply and demand of goods and how such supply or demand might become affected by changes in prices or the policies that the government sets. As noted in Jain and Aggarwal’s book, the making of ...Download file to see next pagesRead More
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