Stan nyoko
Wiki User
∙ 12y agoThere are two types of statistics. One is called descriptive statistics and the other is inferential statistics. Descriptive statistics is when you use numbers. Inferential statistics is when you draw conclusions or make predictions.
Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
Managers use statistics to assess risks. When a project has a high probability of being unsuccessful, managers will avoid the project.
to carry out research using quantitative methodology. To interpret relevant business statistics models. Use statistical data to make economic decitions.
Descriptive statistics give information regarding a data set. For example, any graph, the mean, median, and mode, standard deviation, range, and variance are all descriptive statistics. Inferential statistics is using a representative sample from a population to say something about that population. For example, for presidential polls, not everyone in the country is called and asked who they plan to vote for. Whoever does the surveying picks a sample that should fairly represent the population as a whole, and just asks those people. Depending on the sample size, the surveyor can then determine how accurate the results are, and use them to generalize to the population as a whole.
There are two types of statistics. One is called descriptive statistics and the other is inferential statistics. Descriptive statistics is when you use numbers. Inferential statistics is when you draw conclusions or make predictions.
descriptive statistics-quantitavely describe the main features of a collection of data. Descriptive statistics are distinguished from inferential.Statistics(or inductive statistics),in that descriptive statistics aim to summarize a data set,rather than use the data to learn about the population that the data are thought to represent.
Descriptive statistics describe the main features of a collection of data quantitatively. Descriptive statistics are distinguished from inferential statistics (or inductive statistics), in that descriptive statistics aim to summarize a data set quantitatively without employing a probabilistic formulation, rather than use the data to make inferences about the population that the data are thought to represent.
descriptive statistics-quantitavely describe the main features of a collection of data. Descriptive statistics are distinguished from inferential.Statistics(or inductive statistics),in that descriptive statistics aim to summarize a data set,rather than use the data to learn about the population that the data are thought to represent.
Descriptive statistics. Descriptive statistics are used to summarize and present data in an informative way, providing characteristics of the data set such as mean, median, mode, and standard deviation. Inferential statistics, on the other hand, are used to make inferences or predictions about a population based on sample data.
data visualization
Descriptive and Inferential:Descriptive statistics describe the data set.Inferential statistics use the data to draw conclusions about the population.
Descriptive statistics summarize and present data, while inferential statistics use sample data to make conclusions about a population. For example, mean and standard deviation are descriptive statistics that describe a dataset, while a t-test is an inferential statistic used to compare means of two groups and make inferences about the population.
Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
Rich
Business statistics are quantitative measures that help managers make better decisions. Managers use statistics to make decisions about products and employees.
CPA use acturarial opinins related to risk management and pensions.