Busness Statisics Essay Example | Topics and Well Written Essays - 500 words

Busness Statisics - Essay ExampleOn knave 3 of Jain and Aggarwals book, the term statistics has two definitions. The first definition shows that statistics in the plural sand shows it is the numerical data of the facts that relate to different fields of enquiry such as population and prices (2007). In a singular sense, Jain and Aggarwal (2007) define statistics as a science that deals with different methods of data collection, demonstration and interpretation among other techniques.According to Jain and Aggarwal (2007), there are two types and levels of statistics. The first is known as descriptive statistics where the techniques for data collection and organization are used with an aim of providing more details around the data. Under the descriptive type of data, decisions or conclusions are not made. On page 5 of Mosss book, he cites the second type of statistics as the inferential statistics (2014). This type of statistics involves estimating the characteristic of decision-mak ing that involves a population, based on sample results (Moss, 2014). Under this kind of statistics, there is an estimation of an unknown parameter of the population to check the foundation of the sample and to test if the sample data has enough evidence to show the population parameter (Jain & Aggarwal, 2007).In business, the knowledge of statistics is extremely crucial. For a business person with the knowledge of statistics, it rifles easy to make estimates that are related to supply and demand. It becomes easier to make the right decisions when it comes to seasonal changes, the tastes of consumers in the market, the customs and the markets trade round (Jain & Aggarwal, 2007). For example, a business person with knowledge of statistics is in a better position to know a markets supply and demand of goods and how such supply or demand might become affected by changes in prices or the policies that the government sets. As noted in Jain and Aggarwals book, the making of