# Understanding Statistics for Business and Economics by anamaulida

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<p><strong>Understanding Statistics for Business and Economics
â€“ by www.helpwithassignment.com Team</strong></p>
<p>Statistics is an important subject at the University level. The
relevance of the subject can be seen in large Corporations where the
subject is utilized extensively for collecting, processing and
understanding data. Even in computer programs like MS Office, Open Office
This shows the dependency on Statistics by large Corporations and
Governments. <br><br>Statistics in Business is the Science of Decision
Making In The Face Of Uncertainty. <br>Therefore a prior knowledge and
expertise in Statistics will make the future managers of a Corporation
more scientific and analytical in approach. The various disciplines in
which statistics is applied would be in financial analysis, econometrics,
auditing, production and operations including services improvement and
marketing research.</p>
<p><strong>What Is Statistics?</strong></p>
<p>Statistics includes</p>
<p>1.Â Â Collecting Data - e.g., Survey</p>
<p>2.Â Â Presenting Data -Â e.g., Charts &amp; Tables</p>
<p>3.Â Â Characterizing Data -Â e.g., Average</p>
<p>The Application Areas of Statistics include</p>
<p>Â </p>
<p><strong>Economics:</strong></p>
<p>- Forecasting</p>
<p>- Demographies</p>
<p>Â </p>
<p><strong>Engineering:</strong></p>
<p>- Construction</p>
<p>- Materials</p>
<p>Â </p>
<p><strong>Sports:</strong></p>
<p>- Individual &amp; Team Performances</p>
<p>Â </p>
<p>- Consumer Preferences</p>
<p>- Financial Trends</p>
<p>Â </p>
<p>There are 2 important types of Statistical Methods namely</p>
<p><strong>â€¢Â Â Â Descriptive Statistics</strong> â€“ Involves
Collecting Data, Presenting Data and Characterizing Data. The main
purpose is to describe data</p>
<p><strong>â€¢Â Â Â Inferential Statistics</strong> â€“ involves
Estimation, Hypothesis and testing. The main purpose is to make decisions
<p>Â </p>
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