Attached. Please let me know if you have any questions or need revisions.Running head: DESCRIPTIVE AND INFERENTIAL STATISTICSDescriptive and Inferential StatisticStudent’s NameInstitutional Affiliation1DESCRIPTIVE AND INFERENTIAL STATISTICS2Descriptive and Inferential StatisticIn operating a business, descriptive and inferential statistics make supported decisionsthat promote business growth and accomplish the intended goals and objectives. According toBell, Bryman, and Harley (2018), descriptive statistics summarize a selected variable promptingcentral tendencies and data variation from the mean. On the other hand, inferential statisticsinvolves using mathematical formulas to make inferences and predictions from data necessary tomake an informed decision. For instance, managers could use descriptive statistics to determinethe average sales for selected products over the weeks for effective inventory managementplanning. Black (2011) noted that business statistics play a new business decision role thatfosters the comprehension of different corporate concepts, insights, and identification of issueshindering operational efficiency. The paper examines the use of descriptive and inferentialstatistics in the managerial decision-making process.Benefits of Descriptive and Inferential Statistic in Managerial Decision MakingStatistics depict an imperative benefit in the administrative decision-making process in anorganization. Firstly, managers use statistics to analyze past performance in a business necessaryto generate insights that would help make decisions focused on improving future businessperformance. For instance, the …
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