Understanding Statistics for Business and Economics

Understanding Statistics for Business and Economics

Understanding Statistics for Business and Economics – by www.helpwithassignment.com Team

What Is Statistics?

Statistics includes
1. Collecting Data – e.g., Survey
2. Presenting Data – e.g., Charts & Tables
3. Characterizing Data – e.g., Average
The Application Areas of Statistics include
Understanding Statistics for Business and Economics

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There are 2 important types of Statistical Methods namely
Descriptive Statistics – Involves Collecting Data, Presenting Data and Characterizing Data. The main purpose is to describe data
Understanding Statistics for Business and Economics

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• Inferential Statistics – involves Estimation, Hypothesis and testing. The main purpose is to make decisions about population characteristics
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