Statistics in the business world I have learned numerous statistical factors which shall all be beneficial to me in life in one way or the other. I cannot say for a fact that there are some of them which I regret learning or which was a waste of my time and memory space. They are all key tools that can be applied at some place at some time. In the business world specifically, the tools that shall be most beneficial to me are measures of central tendency and spread, hypothesis testing, simple and multiple regression.
These I shall apply in dealing with the facts and figures that pose a challenge in the business world every day. I shall apply the measures of central tendency to get to compare figures between months and even years; I shall use hypothesis testing to determine whether my set targets were achieved at the end of the day; I shall use simple and multiple regression to determine whether or not certain variables are related to each other or not. There are some tools which I shall not quite make use of in the business world.
These are the data types, frequency tables and probability. It would not benefit me much in business to get to know whether data is a Boolean or an integer. Likewise, I would not wish to know how certain frequencies come out from the data I have in the business world. I would also not need to make use of probability in business as I would want to be sure of what I am doing and hence I would base my projections on past data analysis and not on probability analysis.
ReferencesKaul, C., & Tomaselli-Moschovitis, V. (1999). Statistical handbook on poverty in the developing world. Phoenix, AZ: Oryx Press.