Introduction to Businesses Statistics

Statistics, in a sense, is as old as the human society itself. .Its origin can be traced to the old days when it was regarded as the science of State-craft and, was the by-product of the administrative activity of the State. The word Statistics seems to have been derived from the Latin word’ status’ or the Italian word statista or the German word statistik each of which means a political state. In ancient times, the government used to collect the information regarding the population and property or wealth of the country the former enabling the government to have an idea of the manpower of the country (to safeguard itself against external aggression, if any), and the latter providing it a basis for introducing news, taxes and levies.Statistics is the branch of mathematics that transforms numbers into useful information for decision makers. Statistics lets you know about the risks associated with making a business decision and allows you to understand and reduce the variation in the decision-making process. Statistics provides you with methods for making better sense of the numbers used every day to describe or analyze the world we live in.