Last Updated 28 Jul 2021

Business Stat

Category Data, Statistics
Essay type Process
Words 291 (1 page)
Views 145
Table of contents

Statistics

In marketing, quality control and Insurance Statistics Is the most widely used quantitative method In business. It Is concerned with extracting the best possible information from data In order to aid decision making. It Is often applied to sales forecasting, quality control and market research. Data used in business include population censuses, opinion polls, consumer data bases, and sales and demand data.

The role of the Statistician is to determine, for a given question, the type of data that is needed, the way it should be collected and how it should be analyzed in order to best answer that question. Statistics has been described as "the science of learning from data". This includes everything from planning for the collection of data and subsequent data management to end-of-the- line activities such as drawing inferences from data and presentation of results.

Order custom essay Business Stat with free plagiarism report

GET ORIGINAL PAPER

Important skills

In business should have the following skills:

  • to be able to express a generally posed question as a statistical question;
  • to be familiar with a variety of commonly used techniques and the models underlying them;
  • to be familiar with the mathematical underpinning of often-used statistical techniques to the extent of being able to make simple modifications in appropriate situations;
  • to be able to use statistical packages to perform relevant calculations;
  • to be equipped with a variety of graphical techniques for displaying data;
  • to understand the scope and limitations of statistical inference and its proper role in the process of investigation;
  • to be able to decide how to obtain a suitable sample of data;
  • to be able to think clearly and coherently;
  • to be able to work productively as an individual or in cooperation with others;
  • to be able to complete assigned tasks on schedule;
  • to be able to produce clear and accurate written work.

This essay was written by a fellow student. You can use it as an example when writing your own essay or use it as a source, but you need cite it.

Get professional help and free up your time for more important courses

Starting from 3 hours delivery 450+ experts on 30 subjects
get essay help 124  experts online

Did you know that we have over 70,000 essays on 3,000 topics in our database?

Cite this page

Explore how the human body functions as one unit in harmony in order to life

Business Stat. (2018, Jan 16). Retrieved from https://phdessay.com/business-stat/

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Save time and let our verified experts help you.

Hire writer