Understanding Statistics for Business and Economics – by www.helpwithassignment.

com Team

What Is Statistics?

Statistics includes

1. Collecting Data - e.g., Survey

2. Presenting Data - e.g., Charts & Tables

3. Characterizing Data - e.g., Average

The Application Areas of Statistics include

Engineering
Construction
Materials

Business
Consumer Preferences
There are 2 important types of Statistical Methods namely


Financial Trends
Descriptive Statistics – Involves Collecting Data, Presenting Data and Characterizing
Data. The main purpose is to describe data

50$
25
0Q1Q2
Q3Q4
X =
30.5
S2 =
113
  Inferential Statistics – involves Estimation, Hypothesis and testing. The main purpose is
to make decisions about population characteristics

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