Business Statistics and Management Decision - E-book - ePub

Statistics is the science of gathering, consolidating, presenting, scrutinizing, and interpreting data to aid in making more effectual decisions (Bhardwaj, 2009). Certainly, we have noted the big number of evidences and data, frequently denoted to as statistics, that are present in the newspaper and periodicals we read, the websites we visit, the TV we watch - principally sporting actions, and in the grocery supplies where we buy goods and services (Bhardwaj, 2009).
An ordinary figure is termed to as statistic; therefore, statistical data is all over. Numerous newspapers, for example Wall Street Journal and USA Today, magazines (Times, Business Week, Sports Illustrated, People), will be filled with statistical data. In these statistics, we are required to be capable to define if the deductions as informed are rational and if the sample was large enough (Bhardwaj, 2009).
We should also be able to read and construe the graphs and charts.