Write a 300-word summary that addresses the following criteria:
Define statistics. Identify different types and levels of statistics.
Describe the role of statistics in business decision making. Provide at least three examples or problem situations in which
statistics was used or could be used.
Answer to the student:
In business statistics is the most broadly used quantitative method.
It is concerned with extracting the most favorable information from data in order to help decision making (Wegner T, 2010).?