Along with citations and reference listings, I have used quotation marks to identify quotations of fewer than 40 words and have used block indentation for quotations of 40 or more words. Nothing in this assignment violates copyright, trademark, or other intellectual property laws. I further agree that my name typed on the line below is intended to have, and shall have, the same validity as my handwritten signature. Introduction to Statistics QNT 351 March 22, 2013 Merry Gallo
Introduction to Statistics Statistics is defined in Statistics for Business and Economics, as the science of data. Involves collecting, classifying, organizing, analyzing, and interpreting numerical information. Statistics is more than just looking at numbers, there is a process involved in obtaining the numerical information. Statistical thinking is helpful as well. This involves applying rational thought and the science of statistics to critically assess data and inferences.
It is important to keep in mind that variations exist in populations and processed data. There are two different types of statistics, descriptive statistics and inferential statistics. Descriptive statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data.
Business’s are required to conduct research in order to get their business up and operating. In order to conduct through information the people involved with the business would have to be able to understand and implement the statistical findings. These findings could be as simple as reports on wether one area of a town versus another is more profitable. Statistics that would be a little bit more detailed would be the reports for financial matters. If the statistics are good then the business decisions should be healthy and successful.
In my line of work there are plenty of statistics being used in every department. As a bartender I am responsible for knowing the levels of alcohol in my bottles, as well as how many beers I have in my coolers. The portions used in the recipes for the drinks is me being able to use ratios, and nominal data to run a profitable bar. The restaurant as a whole uses stastics when planing the schedule as well as the weekly order. If our numbers are high for a day then our labor will be scheduled higher than normal.
If the projected numbers are low then we operate with fewer servers and cooks. Another statistical problem that could occur is when we run our of items. In this case it would imply that our projections were off and we need to concentrate on the next weeks order to make sure we are fully stocked and overly stocker in other areas. References This is a hanging indent. To keep the hanging indent format, simply delete this line of text using the backspace key, and replace the information with your reference entry.