Type of paper: Research Paper

Topic: Statistics, Information, Theory, Business, Hypothesis, Population, Education, Development

Pages: 3

Words: 825

Published: 2020/10/27

Statistics forms one of the core aspects in business since it is an important tool in analyzing data for various reasons. Statistics helps managers in making decisions that are certain and supported by data. With the increasing competition among businesses, each decision made has to be accurate to avoid possible ramifications of inaccurate decisions. For this reason, therefore, managers rely on statistics to make such decision. In addition, statistics help in focusing on the big picture in the business world. For example, statistics enables business people to understand the markets without questioning every stakeholder. In this case, statistics serves to cut down the cost of reaching every person or getting the whole picture by consulting every person. Judgments in business needs be statistically backed up. Statistically, assertions can only make sense if backed up with evidence. Such evidence is can only be provided through statistics.
Making connections is one key aspect in business. In this scenario, a manager may want to establish the connections between two or more variables. Such connections are done using statistical techniques. Last but list, statistics is used to ensure quality. Any business person keen on continuous improvement such as the use of Six Sigma and the lean manufacturing understands the importance of statistics. These aspects are applied using different aspects of statistics. The following are some of the major aspects of statistics that are used in business.
One can set up hypothesis and test them to proof whether they are true or significant in a particular field. A hypothesis refers to a tentative proposition or an explanation to a particular solution. In most cases, hypotheses tend to test the degree of relationship between two variables (“Developing Hypothesis and Questions, n.d.). For example, when faced as to whether rebranding changed the customer perception on a product, a researcher may set out to establish the truth by setting the following hypotheses.

H0 (Null hypothesis) There is no change in the perceptions of the brand after rebranding

H1 (Substantive hypothesis) There is a change in the perceptions of the brand after rebranding
These hypotheses can be tested statistically to investigate the correlation between rebranding and the perception towards a certain brand.
Testing hypotheses requires collection of data and an analysis thereafter. There are basically two types of statistics that one can use. These are descriptive and inferential statistics. Descriptive statistics involves the use of statistics to summarize and describe data. The descriptive may take different forms. For example, in the business, one may want to establish the mean daily sales, the percentage of defective goods, percentage of profits compared to the last period, etc. all these aspects can be statistically calculated. To collect data for descriptive statistics, one may use questionnaires, interviews, observations, analysis of secondary resource such as sales records, annual reports, among others (“Descriptive Statistics,” n.d). If the researcher must go to the field to collect data, one has to ensure that the right sampling techniques are followed. One can use systematic sampling, random sampling, among others, biases in the research might be avoided by ensuring that he research is objective.
Inferential statistics on the other hand are used to make inferences on the samples observed. Although descriptive statistics are independently importance, they also help in inferences. For example, the mean of a given sample can be used to infer the mean value of the whole population. The case applies when the standard deviations is used to infer the variations in the whole populations. In general, inferential statistics allows the researcher to use more than one sample to infer the values of the whole population. It also tests hypotheses to establish of the differences observed in the sample are a chance occurrence or real (“Inferential Statistics,” n.d). One can make predictions and generalizations based on the studied samples. In this case, the inferences statistics are used to estimate other aspects of the populations abed on the observed samples. For example, one may want to establish the customer satisfaction of a particular service. One would be required to study various samples and infer from them what the whole population of customers feels.
For one to use statistics appropriately, the research must be set up correctly. The right selection of the appropriate statistical test is mandatory. One must start by determining the type of data to be collected from the problem at hand and the purpose of research (Jaykaran, 2011). After that, one determines the right descriptive test to apply to make the data make sense. Further one has to determine the data presentation methods for interpretation. Data presentations needs to be made such that the data can easily be evaluated for the purposes it was made. For example, one may present the data in tables, pie charts, graphs, such that one can correct infer or determine trends from the data.
In conclusion, statistics from a critical part in business since it is used to make decisions. It is upon every person to seek to sue statistics appropriately to gain fully from its benefits.


Developing Hypothesis and Questions (n.d). PDF. Retrieved on February 4, 2015 from http://www.public.asu.edu/~kroel/www500/HYPOTHESIS%20Fri.pdf
Descriptive Statistics(n.d). PDF. Retrieved on February 4, 2015 from http://www.acad.polyu.edu.hk/~machanck/lectnotes/c1_des.pdf
Inferential Statistics (n.d). PDF. retrieved on February 4, 2015 from http://web.simmons.edu/~benoit/lis403/7.inferential_stats.pdf
Jaykaran (2011). How to select appropriate statistical test?. J Pharm Negative Results 2010;1:61- 3. Retrieved on February 4,2015 from http://www.pnrjournal.com/article.asp?issn=0976- 9234;year=2010;volume=1;issue=2;spage=61;epage=63;aulast=Jaykaran

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WePapers. (2020, October, 27) Free Statistics Research Paper Sample. Retrieved December 04, 2023, from https://www.wepapers.com/samples/free-statistics-research-paper-sample/
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Free Statistics Research Paper Sample. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/free-statistics-research-paper-sample/. Published Oct 27, 2020. Accessed December 04, 2023.

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