Business And Research Statistics

Business and research statistics can be very valuable to your business. These analysis methods are a way of analyzing it. They can give you the big picture of where you are now, control processes within your business and forecast where you are going.

Statistics is an applied science used to discover facts about the subject under study.

Statistics take into account the uncertainty factor. Most all of mankind's endeavors have a random factor. A good example is weather forecasting. The weatherman is communicating that uncertainty when he states that there is a 30% chance of rain tomorrow. Statistics is a way of putting numbers to that randomness.

Statistics is relevant to all areas of the business world. Statistics is felt in the fields of industry, agriculture, pharmaceuticals and in many other areas.

Available Techniques

Some of the techniques presented here are very advanced. Others are very basic. They are designated as follows:

Simple Regression Calculation - This technique will appeal to the fortune teller in you. It is a method of using the data that you have to predict data that you don't have. It is assumed that the data describes a linear realtionship. (I)

Mean Average - The mean average , average or mean is used to generalize the value of a set of data. (B)

Statistical Process Control is for when you are out of control(your business that is). Using control charts you can determine if your business process is within the bounds that you expect. (A)

Define Normal Distribution will give you help you decide if your business data is abnormal. You will learn how to use the normal distribution to predict the range of future data points. (I)

Standard Deviation Defined will help you determine how "deviate" your data is from the mean or average. This is a key concept for the normal distribution, but it has other applications as well. (I)

Summary

Business and research statistics is a powerful set of tools for learning about a subject. The primary requirement is that there is a body of data available about the subject of interest. This data can be analyzed to better understand the characteristics of the subject.

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