What
is statistics?
David
Vaughn
Qnt/561
Heidi
Clark
10/22/2019
What
is statistics?
The study
of statistics is the study of gathered information that is then represented or interpreted
to make a decision. The study of business statistics is similar and is what is
used by those that are either in managerial positions or someone who does
research. That may Market research or any other that may even include a
scientist. The data is used to make a educated guess about what can be about any
given situation.
Inferential
Inferential
data is the data that is extrapolated from a sample. This data is used to make
a guess about a larger group and is done in hopes that this can serve as a enough
to serve the purpose of the study in inductive statistics. Managers may use
then when asked about the services rendered and may have to use the data form a
marketing strategy through its employees.
Levels of measurement
Nominal,
Ordinal, Interval, Ratio are the levels of measurement and most closely that I
can identify, may be used with a scatter plot.