Business statistics is defined as statistics that can be applied to real life business situations, which greatly assist and improve decision making abilities in areas such as marketing, finance, operations, and human resources (Donnelly, 2013). In this scenario, John and Mario are owners of the Mi Casa Front Porch restaurant, which has three different locations. Mario was interested in how many repeat customers the restaurant had, so he decided to sample 1,000 customers from the three restaurants. The three categories were first time customers, second time customers, or customers that have been to the restaurants three or more times. Based on the data in the scenario, there is enough information to delineate the population of interest, the
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Inferential statistics is a field of statistics that uses a sample of data from a population to make claims or conclusions about that population (Donnelly, 2013). In this scenario, the population of interest is the 1,000 customers that were sampled to determine how many repeat customers the restaurant had. A population is all possible subjects of interest in a study (Donnelly, 2013). A sample refers to a subset or a portion of a population (Donnelly, 2013). The sample in this case is the three groups of repeat customers. There are the first time customers, the second time customers, and the customers that have been to the restaurant three or more times. A parameter would be the number of times each customer has repeatedly gone back to the restaurants. A parameter is data that is used to describe distinctive features about a population (Donnelly, 2013). A statistic is data that is used to describe distinctive features about a sample (Donnelly, 2013). A statistic would be that out of 1,000 customers, 20% have been to the restaurant three or more times, 44% have been twice, and 36% were first time customers. We could say that there are two times more customers that have been to the restaurant twice than three times or more. Inferential statistics allowed us to use the data in the scenario to make a claim about the repeat customers that frequent the Mi Casa Front Porch
Inferential statistics is a field of statistics that uses a sample of data from a population to make claims or conclusions about that population (Donnelly, 2013). In this scenario, the population of interest is the 1,000 customers that were sampled to determine how many repeat customers the restaurant had. A population is all possible subjects of interest in a study (Donnelly, 2013). A sample refers to a subset or a portion of a population (Donnelly, 2013). The sample in this case is the three groups of repeat customers. There are the first time customers, the second time customers, and the customers that have been to the restaurant three or more times. A parameter would be the number of times each customer has repeatedly gone back to the restaurants. A parameter is data that is used to describe distinctive features about a population (Donnelly, 2013). A statistic is data that is used to describe distinctive features about a sample (Donnelly, 2013). A statistic would be that out of 1,000 customers, 20% have been to the restaurant three or more times, 44% have been twice, and 36% were first time customers. We could say that there are two times more customers that have been to the restaurant twice than three times or more. Inferential statistics allowed us to use the data in the scenario to make a claim about the repeat customers that frequent the Mi Casa Front Porch