Statistics for Business

STATISTICS FOR
BUSINESS

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................2
INTRODUTION..............................................................................................................................1
Question 1........................................................................................................................................1
a.) Difference between sample statistic and Population Parameter.............................................1
b.) Difference between Inferential and descriptive Statistic........................................................1
c.) Difference between Nominal and Ordinal Scale....................................................................2
d. Difference between Primary and Secondary Data source.......................................................2
Question 2........................................................................................................................................3
a)..................................................................................................................................................3
b)..................................................................................................................................................3
c)..................................................................................................................................................3
Question 3........................................................................................................................................4
a....................................................................................................................................................4
b)..................................................................................................................................................4
c)..................................................................................................................................................4
d)..................................................................................................................................................4
Question 4........................................................................................................................................5
a)..................................................................................................................................................5
b)..................................................................................................................................................5
c)..................................................................................................................................................5
d)..................................................................................................................................................5
Question 5........................................................................................................................................5
a.).................................................................................................................................................5
b.).................................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUTION
Statistics could be defined as a tool which is used by experts and analysts for making sound
decision for the business. using statistics company can deal successfully with uncertainties of the
dynamic business environment by making projection about the fluctuations of the market.
management of organisation uses statistics for making effective decisions by making estimates of
demand, prices and supplies. It can effectively manage the risks of business with the help of
statistical analysis. The report will provide about the use of statistics in the business. It will also
provide practical application of the statistical concepts in the business.
Question 1
a.) Difference between sample statistic and Population Parameter
Study of the statistics revolves around study of the data analysis. There are two important
data sets that are sample and population. Difference between the population & sample is how the
observations are assigned to data set (Ubøe, 2017). Population includes elements from the set of
data. The samples consist of one or more observation drawn from population. In method of
sampling observations have less observation as compared with population. Measurable
characteristic of the population like mean and standard deviation are called parameter where the
measurable characteristic of sample is known as static.
It is very difficult to calculate the population entirely and due to these real values is not
identified as parameter. Characteristic of sample is known as static. Calculation of mean and
standard deviation of the collected sample is called sample statistics. There is difference between
both the terms population parameter and sample statistics. Inferential statistics permits the use of
sample statistics to make conclusion about the population.
b.) Difference between Inferential and descriptive Statistic
Descriptive statistics is used to summarise and represent the data in graphical format. It
allows better understanding of the specific observations. Descriptive statistics defines sample. In
descriptive statistics chances of uncertainty are reduced to minimum as it only provides about the
data that is actually measured. Properties of the larger population are not inferred it involves
process of taking large data points in sample & reducing them in meaningful summarised values
and graphs.
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