The science of collecting, analyzing, and making inference from data
Descriptive statistics
Organizing and summarizing data
Inferential statistics
Formal methods for drawing conclusions from "good" data
Statistical inference uses probability to determine how confident we can be that our conclusions are correct.
Areas where business statistics are used
Tax preparation
Budgeting
Proposals
Data mining
Business statistics involve applying statistical tools in marketing, production, finance, research development, human resources planning, which is used to extract relevant information for decision making.
