HIST 1003 Chapter : 0dCPDcVQHr Page 16
Document Summary
Chapter 1: statistics for managers using microsoft excel. Statistics- a branch of mathematics that transforms numbers into useful information for decision makers. Why learn statics: make better sense of the world. Television and radio reports: make better business decisions. Important uses of statistics in business: to visualize and summarize business date, to draw conclusions about a large group based on date collected from a small group of. Technical reports business data: to make reliable forecasts about business activities, to improve business processes. Two different branches of statistics are used in business: descriptive statistics. The methods that help collect, summarize, present and analyze data (tables and charts: inferential statistics. The methods that use data collected from a small group to draw conclusions about a larger group. For important uses of statistics in business: to visualize and summarize business data, to draw conclusions from business data. Descriptive methods used to create charts and tables.
