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Statistics in Business

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  • Pages 2
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    Statistics may be identified in two different ways. It is known as numerical information. It is used for averages. One example is the changes in the stocks. Possibilities are another way that statistics is used for. Statistics can be represented in the form of a graph, percentage or ratios. Scientist use statistics to investigate a situation or a problem, collect proof of data, and make predictions or outcomes that may benefit a company. Statistics are used on a daily basis. It is used to make decisions that may change our life. Numerical situations are likely to be seen on magazines, news reports, and sports. Knowing about the statistics helps people make choices that may affect life, career and professional decisions.
    Businesses use statistics to analyze data. After the data has been organized they interpret it. They may use this to raise sales and to use what customers want or need and then put out products that are in demand. Statistics can be used to identify the ethnic population in a group of students. Schools use this information to determine the language barriers. In addition they use statistics to identify the level of living. All of this may affect the way a child learns.
    Statistics are used to evaluate what people are using in order to help growth of business. College schools have been analyzing and gathering data on student registration. They have noticed that college students have great interest in virtual school. More students are taking online courses because this is the way they could accomplish their goals as they could do school work on a more flexible schedule. This information is important to the school because it determines the amount of classrooms needed. It also gives the college the ability of offering more online course.

    ?Lind, D. A., Marchal, W. G., & Wathen, S. A. (2011). Basic statistics for business and economics (7th ed.). New York, NY: McGraw-Hill/Irwin.
    ?McClave, J. T., Benson, P. G., & Sincich, T….

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