The Importance of Studying Business Statistics Short Essay PDF

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A short essay about the importance of studying business statistics....

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1. What is the importance of studying Business Statistics? (10 pts) Business statistics is used whenever there are uncertain situations and is applied in several discipline such as financial analysis and business operations. Not using statistics very carefully creates a poor business performance that may result to business failure. Studying business statistics helps the person to forecast the future of the business and generate a strategy or create an appropriate decision to avoid downfall of the business. The people will also understand the crucial times while running the business and will began to realize that their options relies on data. 2. Differentiate descriptive from inferential statistics and provide an example of an application for each. (20 pts.) The descriptive statistics summarize and graph the characteristics of a data set in which there is no uncertainty, because its purpose is to describe the items or the people. An example of this is finding the mean, median, mode, and standard deviation of the student score in English and Mathematics. The inferential statistics allows the person to test a hypothesis or draw a conclusion from a sample then generalize it to create a larger population. An example of this is generalizing the English and mathematics passer....