Statistics for Business

STATISTICS FOR
BUSINESS

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................2
INTRODUTION..............................................................................................................................1
QUESTION 1..................................................................................................................................1
a. Population Parameter and the sample statistic.........................................................................1
b. Descriptive Statistics and Inferential Statistic.........................................................................1
c. Nominal Scale and Ordinal Scale............................................................................................1
d. Primary Data Source and the Secondary Data Source.............................................................2
QUESTION 2..................................................................................................................................2
a)..................................................................................................................................................2
b)..................................................................................................................................................3
c.).................................................................................................................................................3
QUESTION 3..................................................................................................................................3
a)..................................................................................................................................................3
b)..................................................................................................................................................4
c)..................................................................................................................................................4
d)..................................................................................................................................................4
QUESTION 4..................................................................................................................................4
a)..................................................................................................................................................4
b)..................................................................................................................................................5
c)..................................................................................................................................................5
d)..................................................................................................................................................5
QUESTION 5..................................................................................................................................5
a)..................................................................................................................................................5
b...................................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUTION
Statistics is an important tool used by the business for efficient business decision making
process. It helps the business to deal with the uncertainties by making forecasts about the cyclic,
seasonal and general economic fluctuations. It helps the business in making sound decisions by
making accurate estimates on the costs, prices, demand, sales etc. It helps the business in
planning on basis of effective predictions and assumptions. Present report will provide about the
application of concepts of statistics. This will enhance the understanding of statistical concepts.
QUESTION 1
a. Population Parameter and the sample statistic
Parameter is defined as the number describing population and where the statistics is
defined as number which describes sample. Parameter refers to the value which describes the
characteristics of the entire population like population mean. As it is not possible to measure the
entire population therefore the real value could not be identified as a parameter. These
parameters are generally unknowable. For example average height of the adult women in US is
parameter having exact value but it is not known.
Static is the characteristics of the sample. When the samples are collected it standard deviation
and mean are also calculated, this is known as sample statistics (Holland And et.al., 2017).
Inferential statistics allows using the sample statistics for making the conclusions about
population.
b. Descriptive Statistics and Inferential Statistic
Descriptive statistic gives information describing the data in some of the manner.
Graphical representation of the data an another method used in descriptive analysis. for instance,
pet shop sells dogs, cats, fish and birds. If in total 100 pets are sold out of which 40 were dogs.
Then the description of pet’s sold data could be 40% are dogs. It provides easier and faster
method of making comparisons between the various data sets.
Inferential Statistics makes the inferences for the population using data drawn from
population. Rather than selecting entire population for gathering data, sample or the samples
from millions of the residents are collected and inferences about entire population could be made
using sample
1