Business statistics Essay Example | Topics and Well Written Essays - 1750 words

Business statistics - Essay Example Population variation and mean are the true measurements while the sample statistics are estimates of these values but which hare still helpful in making conclusions about the whole population. This is a very basic introduction to the utilization of statistics and the tools that have been developed to help decision makers. While a bit dry, the topic has to be understood and utilized by all students of management sciences at both under graduate and graduate level. Examples and practical demonstration are much more helpful to visualize the concepts and practical usage of these tools. The limitations of the paper include an inability to discus hypothetical testing for mean and variance and degrees of freedom in detail; these would have provided a better insight on the probabilistic conclusions for population parameters taken from sample statistics. Further review should be done to discuss the results and methods of hypothetical testing and how these are used in the business setting. H.G. Wells once said ‘Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write’. In a diverse world, no two events are the same yet for rational decision making it is necessary to be able to predict with some certainty the probable events which can occur and then plan accordingly. Statistics is the science of making decisions by analyzing any given set of variable data. Descriptive statistical techniques allow the data to be represented in an easily understandable form with clear anomalies, patterns, relationships and expected trends apparent. These include Frequency  Distribution; Histograms; Boxplot; Scattergrams and Error Bar plots; and diagnostic plots. Qualitative techniques help in further analyzing and forming conclusions about certain sets of data through which important decisions can be made. For managers and those working in the business fields, they have to make many decisions which will impact the quality