Statistics In Business Statistics May Be Defined A

Statistics in BusinessStatistics may be defined as a science that aids in converting data that would otherwise be meaningless into information from which knowledge can be generated. Thus statistics provides users with a means to extract information from data and be able to make decision based on the information. Statistical analysis is the process of collecting and analysing quantified representations then summarizing the data into meaningful form. Statistics therefore guides on the type, nature and manner of data collection. Without this guidance researchers may collect data that consist of mere counts and measurements that are uninterpretable and therefore of no value (Noether, 1991). Descriptive statistics is a type of statistical analysis using techniques that helps to describe or summarize data in a meaningful way. Descriptive analysis brings out patterns in data but does not go beyond the data presented or to make inferences and conclusions from the data presented. Descriptive statistics measures central tendency such asMean, Median and Mode it also measures of spread such as quartiles, absolute deviation, variance and standard deviation (Tanner & Youssef -Morgan, 2013). Results ofdescriptive statistics are presented in form of tables, graphs and statistical commentary.Inferential statistics uses a sample to represent the whole