Deductive and inductive statistics applied to business.

Nowadays we live in a situation of decision making that requires minimizing risk, for which a precise qualitative and quantitative analysis of the situation is necessary. The quantitative analysis implies statistical reasoning that helps to determine the consequences of the possible decision making scenarios.

In decision making, there is no such thing as chance or assumptions that are not based on data. Statistics has managed to deal with this to a great extent, and helps luck to play in favor of the business actions implemented. Therefore, statistics should be understood as a means for decision making.

The aim of this introductory paper to general Statistics, and specifically, to the Descriptive branch applied to business, is to help the reader to make statistical reasoning sound understandable in terms of business language, and that future decision making processes are based on data, not on personal opinions or intuition.

The document offers the reader the explanation of statistical concepts and their application with practical cases that will facilitate the understanding of the concept, the calculation, the interpretation of results and the decision making process. At the end you will find a summary of the formulas offered throughout the document.

TABLE OF CONTENTS

1. Introduction to statistics and its applications.
2. Probability
3. Probability distributions of discrete variables
4. Probability Distributions of Continuous Variables
5. Notions of Inference
6. Estimation. Confidence intervals
7. Contrasting Hypotheses
FORM
BIBLIOGRAPHY