statistics week 1 - Running Head Statistics in Business...

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Running Head: Statistics in Business Page 1 Sarah Bellin Statistics in Business QNT/275 Professor Storm
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Running Head: Statistics in Business Page 2 Statistics According to Chapter 1 of Introductory to Statistics, “The word statistics has two meanings. In the more common usage, statistics refers to numerical facts. The numbers that represent the in- come of a family, the age of a student, the percentage of passes completed by the quarterback of a football team, and the starting salary of a typical college graduate are examples of statistics in this sense of the word.” A lot of people confuse statistics, and probability, because though they have things in common there are a lot of differences between the two. “Probability deals with predicting the likelihood of future events, while statistics involves the analysis of the frequency of past events. Probability is primarily a theoretical branch of mathematics, which studies the consequences of mathematical definitions. Statistics is primarily an applied branch of mathemat- ics, which tries to make sense of observations in the real world.” (“Stonybrook” 2016) Quantitative data & Qualitative data There are two kinds of data in statistics, there is quantitative and qualitative date. According to Chapter 1 of Introductory to Statistics “A variable that can be measured numerically is called a quantitative variable. The data collected on a quantitative variable are called quantitative data”.
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