Statistics in Business

Statistics in Business

Colleen DeStefano 

QNT/275

August 8, 2016 

Mr. Robert (Bob) Schaller

Statistics in Business

Statistics

        According to "Dictionary.com" (2016), statistics can be defined as “the science that deals with the collection, classification, analysis, and interpretation of numerical facts of data, and that, by use of mathematical theories of probability, imposes order and regularity on aggregates of more or less disparate elements”. Statistics are a part of our ever day lives, we are at home or in the workplace. When used correctly, statistics are able to assist us in finding trends and to help predict what may happen in the future.

Quantitative Data and Qualitative Data

        Quantitative data and qualitative data are also a part of our daily lives. We are constantly studying and analyzing different types of data when we perform research. Quantitative data is a variable that assumes meaningful numerical value and is either discrete or continuous. Discrete assumes a countable number of values and continuous is characterized by uncountable values that are within a certain interval. Examples of this type of data are weight, height, and time. (Jaggia & Kelly, 2014) Qualitative data is described as a variable using labels or names to identify the distinguishing characteristics of each observation. Examples of this type of data are gender and race. (Jaggia & Kelly, 2014).  By examining both quantitative and qualitative data we can identify each of their strengths and weaknesses and both approaches can, at times, complement each other. Researchers recognize that each approach has positive attributes and that by combining both methods can acquire the best of both worlds. (Weinreich, 2006)

Tables and Charts

        Choosing the correct way to visually present data is key in relaying data to an audience. There are many types of graphs, charts, and tables to choose from. Visual techniques help presenting data easier for others to comprehend. Visual aides also help consolidate mass amounts of information into simple reading. A visual aid can help keep the audience interested and engaged, but can sometimes be distracting if the visual aid is too busy or overwhelming. The amount of data and properties involved should be used as a guide to selecting the appropriate visualization. Common charts used to show quantitative data include polygons and ogives. A few charts used to show qualitative data include pie and bar charts. While these types of charts are all quite different, they are similar in that they display the specific types of data appropriately and in a manner that is easy to read and translate.