![]() Personnel having the requisite qualifications or experience in business statistics can reach conclusions from these numerical arrays on various parameters. When we define business statistics, it means the methods used to analyze, demarcate, interpret and compile data. Professionals who are qualified in this field interpret the business’s data, and they can give suggestions to the management to enhance health and growth in the company.Ĭheck out upGrads’s Data Analytics Certificate Program from Caltech In today’s cut-throat business environment, using and not using business statistics can be the difference between growth, competitiveness, financial stability, and growing bust. Organizations are nowadays increasingly dependent on professionals who can take statistical data and analyze them to draw logical inferences for growth in business productivity. These statistics point to the need of business statistics in the workplace. Almost half of the respondents said that they need that done frequently. What does Business Statistics Mean?Ī very recent survey in an investment news source reported that nearly all businesses face a need to manage unstructured data. If this accuracy is not maintained, extrapolation to the entire data might give faulty results. The accuracy of the sample is dependent on the type of enquiry and its objective. They then apply it to the real data set that the selection is supposed to represent. They take a sample and then draw their conclusions from it. At such times, the process statisticians use is called sampling. Therefore, when drawing inferences, it is often not possible to deal with the entire data set. Statistics, by definition, deals with a large aggregate of data. The final characteristic of statistics is that there should be a reasonable expectation of accuracy in the collection of statistics. The numerical data collected is often not independent and depends on various outside factors and variables, which influence them. Without specifying any of them, we cannot gather statistical data. Along with this, there must be a pre-defined purpose for beginning the process. Before collecting the data, statistics requires that the plan of work be defined along with the scope. Statistics should be methodically collected for a fixed purpose. If the data is unrelated, then we cannot call it statistics. It means that the data within a statistical set can be compared with one another. Objective facts, therefore, often qualify, whereas subjective attributes like greed, honesty, corruption, to name a few, can only be expressed as a percentage of people having an opinion of that feeling.įurthermore, statistics should be mutually related. If the data cannot be numerically expressed, it is not statistics. All statistics involves numerical data, but not all numbers constitute statistics.Īnother essential characteristic is the numerical representation of statistics. Only an array of facts that allows us to reach a logical conclusion can be considered statistical data. ![]() We can neither compare them nor can any meaningful inference be drawn from them. It means that standalone figures cannot take any statistical form. Based on this definition, there are specific characteristics that statistics follow.Ĭheck Out upGrad’s Business Analytics Courses The current dictionary definition of the word refers to facts that can be numerically expressed and often tabulated. Since the earliest form of data collection was about people and was used for administrative and political purposes, the name stuck. Similar to the English word, these words mean “State”, namely the geopolitical kind. The etymology of the word statistics comes from the Latin word status via the Italian word Statista.
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