Statistics in Business
QNT/275 Statistics for Decision Making
Statistics in Business
“I can prove anything by statistics except the truth.” George Canning, the one time Prime Minister of Great Britain once claimed. Statistics is simple the collection, interpretation and analysis of data. There are several types of statistical data measurements but the most commonly used are; Nominal (used to describe things by their appropriate nomenclature such as a GIRL would be FEMALE or F and a BOY would be MALE or M) Ordinal (or based on order such as first, second, third, etc…) Interval (This includes units of measure such as the month of the year or temperatures) Ratio (This type of statistical data has to do with the ratio of one thing to another, such as it’s twice as hot in Florida as it is currently in North Carolina).
Statistics play a key role in the decision making process of businesses. Having the right data over a period of time will make the decision making process easier to understand and allow for the appropriate decision to be made in a more timely manner. I have recently began a small publishing company and I can already see where statistics will play a huge role in my business. I currently analyze categories and subcategories on Kindle.com to see which keywords are getting the most downloads. Using this data allows me to ensure that the books I’m having created are not only of good quality but also helps to ensure the success of the book.
I am also learning about the process of marketing and advertising and have developed a few simple ways to track the different methods of marketing I am using. Keeping track of this data allows for me to see which method is working the best and can be then separated into further intervals. Collecting this data saves me both time and money because I have a better understanding of how to spend my assets on advertising. As you can tell statistics plays a huge role in the decisions…