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Types of statistics?
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.
What is the application statistics in business?
Statistics help managers make decisions. They use statistics when it comes to production and hiring employees. Statistics are everywhere in the business world.
Use of statistics in business?
Managers use statistics to assess risks. When a project has a high probability of being unsuccessful, managers will avoid the project.
What is the object of statistics?
to carry out research using quantitative methodology. To interpret relevant business statistics models. Use statistical data to make economic decitions.
Roles of a inferential statistics in statistics?
Statistics is a general field of numeric quantities and what they represent. For example, a statistic may be inferential or descriptive. Inferential statistics are special kinds of statistics that use sampling distributions to make inferences from a sample to a population of interest (hopefully that the sample represents). The inferences are more or less valid based on how well one meets the assumptions of a statistical method/model and how robust a statistical method is with respect to violations of an assumption.
