Statistics
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About Statistics
Large numerical data are systematically collected, analyzed and interpreted to enable decision making, in a business organization. These are presented in an organized manner for the purpose of drawing assessments for the present and to predict the future of their business. This is called Statistics. It is interesting to note that the concepts discussed in this subject are not exclusive but are interrelated. Thus arises the complexity in the comprehension of the subject.
The broad classifications of statistics are descriptive statistics and inferential statistics. Statistics help in the financial planning and in the marketing strategies of any business. The statistical theories are applied in various disciplines. Business analytics, Econometrics, Operations research and Population ecology are a few of them. The subject explains the methods of statistical inquiry, variability of phenomenon, valid inference and easy presentation of complex data for clearer understanding.
Knowledge of statistics will help you trust your data and its results, when you use data in your work. Quality of any research and validity of its conclusions can be easily assessed, if you know the subject well.
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