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Wednesday, February 9, 2011

Understanding Statistics for Business and Economics

Understanding Statistics for Business and Economics – by Team

What Is Statistics?
Statistics includes
1. Collecting Data - e.g., Survey
2. Presenting Data - e.g., Charts & Tables
3. Characterizing Data - e.g., Average
The Application Areas of Statistics include

There are 2 important types of Statistical Methods namely
Descriptive Statistics – Involves Collecting Data, Presenting Data and Characterizing Data. The main purpose is to describe data

• Inferential Statistics – involves Estimation, Hypothesis and testing. The main purpose is to make decisions about population characteristics

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