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Understanding Statistics for Business and Economics

By HWA | Publish On: February 10, 2011 | Posted In:

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