Statistics in Business (Essentials of Business) Qnt 275 (University of Phoenix) Week 1 Essay

In: Business and Management

Submitted By FredrickJay
Words 1618
Pages 7
Statistics in Business
Created By: Fredrick Jay Harder
Created On: March 21st, 2016
Inspired By: Qnt 275
Taught By: Merry Gallo

If a business has access to reliable data then they can make decisions that will positively impact the business much easier. Without reliable data a business can not thrive because all businesses need data they can rely on to make progress in their prospective field. Luckily, there are statistics that will help to get reliable data to make such important decisions. After all, decisions are not well founded without data or the language thereof. Obtaining that data or language thereof on one's own makes resources spread further as well.

Statistics is known as the language of data. This language is about gathering data, delivering the data, and understanding the data. Statistics and mathematics are very closely related as statistics is the mathematical way to analyze data and observe data. Statistics also equips those who use it with tools to foresee based on the data gathered and is useful in not only business but is also useful in science, health, and government. (Stine &Foster, 2014) After all, science, health, and government need data on a regular basis in order to make informed decisions. This is why being fluent in statistics is very recommended for almost any profession in existence.

Using statistics cuts out the “gray area” or guesswork of life's information in large proportions. With statistics, it is similar to an opinionated conversation. For example, let us assume that John and Mary are discussing the presidential candidates they are most likely to vote for. Mary is discussing the policies of Donald Trump and the John is discussing the policies of Hilary Clinton. The discussion gets heated as they both discuss what is right about their candidate and wrong about the other person's candidate. As John and Mary are just…...

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