Employing Business Statistics

This white paper presents an elaborate insight into statistics as a  service and the value it provides to a large spectrum of industries  (more specifically the oil and gas industry) in delivering sustainable  results. The paper also highlights future challenges confronted by  statistics on the whole.

The objective of statistics:

Statistical tools are required to deduce the meaning of a set of data that has  been accumulated. However, data precision may vary with the accuracy of the  tools that are employed to collect the data which results in data being generated  by a random procedure. Data is rampant today. With the advent of the  internet, people leave behind large volumes of data while accessing a website  or availing an online service. For instance; large conglomerates like Google and  Facebook (to name a few) accumulate large volumes of data about people who  use their services. It is a well-known fact that arms such as these undertake  extensive studies to understand the dynamics of how a web page’s design is  instrumental in attracting visitor or test the probability whether a particular visitor  will click on a specific advertisement on that page. These studies encompass  millions of respondents which generate a large amount of data. The role  of statistics is to streamline this data and make it readily available for use in a  format that is precise and comprehensive, often following mathematical formats.