Quantitative Analysis for Business Essay

Pages: 2 (637 words)  ·  Bibliography Sources: 2  ·  File: .docx  ·  Level: College Junior  ·  Topic: Education - Mathematics

¶ … Business

Statistics is the study of data collection, its organization, analysis, interpretation and eventually its presentation. It is the science of collecting, summarizing, analyzing data in numerical form. It entails planning on data collection in terms of design of surveys and experiments to be used (Calkins, 2005).

There are two types of statistics which are Descriptive statistics and inferential statistics. Descriptive statistics entails the methods of organizing, displaying and data description with the use of tables, graphs and summaries. Inferential statistics is a process that is used in the description of a population on the basis of results found. It entails estimations of unknown parameters of population that are based on sample results and hypothesis testing that is used to either accept or reject the hypothesis made prior.

There are four main levels of measurement that are used in statistics. These are nominal, ordinal, interval and ratio. They all have their own different degree of usefulness in statistics. Nominal measurements do not have any meaningful rank order among values it uses numbers and labels only. It can therefore be used to do cross tabulations for example the chi-square test is performed on cross-tabulation of nominal scale.

Ordinal measurements have difference between consecutive values that are imprecise but have meaningful order to those values.

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Interval measurements have distances that are meaningful between measurements that have been defined but with a zero value that is arbitrary. They can be used in the computation of statistical measures that are commonly used.

Ratio measurements are those that have both a meaningful zero value and distance between the measurements clearly defined hence provide great flexibility in the particular statistical method used in data analysis (Calkins, 2005).

Essay on Quantitative Analysis for Business Assignment

Statistics enables prediction of an event hence plays a crucial role in business decision making. It can bring about the difference between the continued success of a business and its eventual failure. Statistical research therefore… [END OF PREVIEW] . . . READ MORE

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