What Is Statistic

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What is Statistics Statistics is defined as the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions.
Types of Statistics There are two different types of statistics Descriptive Statistics and Inferential Statistics. Descriptive Statistics is the methods of organizing, summarizing, and presenting data in an informative way. Inferential Statistics is the method used to estimate a property of a population on the basis of a sample.
Levels of Measurement There are four levels of measurements with statistics. The levels of measurement are the nominal, ordinal, interval, and ratio.
Nominal Level of Measurement Of the four, the lowest and most primitive of the four levels of measurement is the nominal level of measurement. In the nominal level, the data are sorted into categories with no particular order to the categories.
Ordinal Level of Measurement The ordinal level of measurement presumes that one classification is ranked higher than another classification.
Interval Level of Measurement The interval level of measurement has the ranking characteristics of the ordinal level of measurement plus the characteristics that the distance between values is a constant size.
Ratio Level of Measurement The highest, or the level that gives the most information about the observation, is the ratio level of measurement. The ratio level of measurement has all the characteristics of the interval level, plus there is a 0 point and the ratio of two values is meaningful.
Statistics in the Business Decision Making Process Statistics plays a big role in the business decision-making process. To be a successful entrepreneur there needs to be a strong level of making business decisions. The entrepreneur needs to have an understanding of the business and the market they supply for and be able to…...

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