Statistics in Business

Write a 300-word summary that addresses the following criteria:

• Define statistics.

• Identify different types and levels of statistics.

• Describe the role of statistics in business decision making.

• Provide at least three examples or problem situations in which

statistics was used or could be used.

Statistics

Statisticscan be defined as the study of the collection, interpretation, analysis, presentation, and organization of data to extract meaningful information from the data.Statistics has various applications in scientific, industrial and social fields. In using statistics it is essential to start with population to be analyzed. Populations can have diverse topics varying from number of persons in a country to number of atoms in a crystal. Statistics...