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Statistics in Business: Types, Level, Role

Statistics in Business

300-word summary that addresses the following criteria:

1.) Define statistics.

2.) Identify different types and levels of statistics.

3.) Describe the role of statistics in business decision making.

4.) Provide at least three examples or problem situations in which statistics was used or could be used.

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Solution Preview

Hello, here you go.

In business, statistics is the collecting and analyzing of numerical data to interpret results, target customers, estimate market size, forecast orders, and predict results. Statistics is the science involved in collecting, analyzing, and presenting numerical data. It plays an important role in business because it allows businesses to measure performance and forecast future targets. Businesses use statistics to study facts and financial information. The corporate level looks at statistics of the overall business in the form of sales, margin, and profitability. The region or district would look at these same figures by region and store, and the individual location would drill statistics down ...

Solution Summary

This solution defines statistics, identifies different types and levels of statistics, and decribes its' role in business, with examples. APA references are included.