statistics

statistics

1. methods of collecting and analysing numerical data.
2. a group of data.

   Businesspeople make considerable use of statistical methods such as collecting SAMPLES in order to make STATISTICAL INFERENCES in such areas as MARKETING RESEARCH and QUALITY CONTROL. They also use government economic data in monitoring changes in the business environment.

statistics

1. a branch of mathematics that studies the theory and methods of collecting, tabulating and analysing numerical data.
2. a grouping of data. Economic analysis makes extensive use of economic data, which are subjected to statistical analysis in order to test ECONOMIC THEORIES. See HYPOTHESIS TESTING, ECONOMETRICS.