Business Statistics

What is Statistics?

Statistics is insight analysis of the collected data for the purpose of planning and predicting the possible trend changes in the future. It is a systematic study used to incorporate the information gathered through various sources. According to some statisticians, this subject should be treated as a science but for others it is another branch of mathematics.

Statistics consists of two branches:

  • Descriptive statistics
  • Inferential statistics

Purpose of statistics:

  • Provide data comparison tools and techniques.
  • Help manage data effectively.
  • Provide formulas for making different policies
  • Helps simplify the complicated data using easy to understand techniques.
  • Representation of data with the help of graphs and diagrams.
  • Observe the trend changes. 
  • To draw conclusions with solid reasoning.

According to a research every 9 out of 10 students find it difficult to solve statistical problems and need step-by-step assistance from an expert. Students find it very difficult when they come across questions where they have to construct models or make charts. Statistics is a subject that requires lots of practice and learning different techniques. Advance courses include drawing hypothesis and probability. Students choose this course as an aim to get a reasonable grade. At school level, students are taught the basics and this is where they actually need statistic homework help. At school level this subject cannot be avoided because it is compulsory for every student. Why? Because its purpose is to make students familiar with ongoing business ideas, so they can come up with their own someday. 

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