Business Statistics -Chapter 1

Statistics is a scientific procedures and methods for collecting,  organising, summarising, presenting and analysing, as well as obtaining useful  information, drawing valid conclusions and making effective decisions based on  the analysis

• True

• False

A procedures used to summarize,  organize, and make sense of a set of  scores, measurements or observations  which known as data

• Descriptive Statistics

• Inferential Statistics

A procedures used that allow to infer,  estimate, approximate, determination  of association (relationship) between  two variables, generalise observations  make with sample to population from  which they were selected.

• Descriptive Statistics

• Inferential Statistics

Descriptive statistics do not attempt to make prediction and draw  conclusions about the population from which the sample are taken

• True

• False

Inferential Statistics is concerned with making prediction/ inference and drawing conclusions about  a population, based on sample

• True

• False

We need statistics in order to describing relationship between two variables

• True

• False

Statistics can aid in decision making

• True

• False

Descriptive methods used to create charts & tables in order to summarize business data

• True

• False

Inferential methods used to reach conclusions about a large group based on data from a smaller group and will be used to draw conclusions from business data

• True

• False

There is a significant relationship between traffic jam and working time

• Inferential statistics

• Descriptive statistics