Question

by using statstics, how it could be used by a business to determine if the light bulbs it produces last longer than the competitor’s brand

Answer 1

Business statistics are of two types — descriptive statistics and inference statistics. As the name suggests,

descriptive statistics are designed to describe data. Some examples of descriptive statistics include are charts,

graphs, tables and so on. Inferential statistics, on the other hand, use data to predict or infer trends, preferences,

etc. and to make decisions

The manager can collect data for 10 years on the number of each type of light bulbs, time of its serving that has been sold at producer's store and at the competitor’s brand store.

This presentation would be primarily descriptive, and the manager would use charts, graphs,

tables and other such numerical measures to present the data.