Statistics in Business Essay Example for Free

Statistics in Business EssayIntroductionThis paper is going to discuss statistics in business. One will be able to understand in that location be different levels of statistics along with the importance statistics are in business decision making.Statistics in BusinessStatistics are a mathematical analysis of info collected. The data collected bath in turn be used to show statistics in a number form. With the data collected, the analysis of the data, along with the financial reports from a business, one can make a better informed decision. Statistics in business is useful when making business decisions. The statistics can show crucial information to help judge what may happen in the future for a product or the need of a type of business. There are levels of measurement to help when data is gained to obtain the statistics. The levels of measurement include nominal, ordinal, interval, and ratio. Examples of these levels include the followingNominal Numbers on sports players jerseys for identification purposes.Ordinal The letter scrape students receive on homework assignments.Interval This level does not have a true zero point.Ratio When one number of measurement can be divided by another nonzero number and there is meaning to that number.At the ratio level ofmeasurement the number 0 has meaning as it represent there is nothing to show.ConclusionIn conclusion one can see there are different levels of statistics and how important they are when making business decisions.ReferenceMcClave, J. T., Benson, P. G., Sincich, T. (2011). Statistics for Business and Economics (11th ed.). Pearson Education. (McClave, Benson, Sincich, 2011) Lind, D. A., Marchal, W. G., Wathen, S. A. (2011). Basic Statistics for Business Economics (7th ed.). McGraw-Hill Company. (Lind, Marchal, Wathen, 2011)