BUS 308 Final

A Summary

            We can easily define what statistics means.  It is a science where data is collected, classified, analyzed and interpreted using various methods.  These methods are mathematical, and we use the different methods to draw various conclusions.  These conclusions help us further our understanding of business, and daily life situations.  For instance, we collect statistics on sporting events, currently there are countless people and mathematicians gathering the data from the games on Sunday the 18th, and the games throughout the season to draw conclusions on who will win in the Super bowl on the 1st of February.  On a business level, we collect statistics to make decisions on which vendor to use, which part numbers to stock, and what trends we want to follow.  These data points must be analyzed using the proper tool to get the proper conclusions, otherwise we are just guessing.  The main elements of statistics that are a priority for a more thorough understanding of statistics are: descriptive and inferential statistics, hypothesis testing, evaluation of appropriate statistics tests, and the evaluation of those results.
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