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.