This chapter introduces statistics concepts for business and economics. It explains that decisions are often made with incomplete information due to uncertainty. Key terms are defined, including population, sample, parameter, and statistic. Random sampling is described as a procedure where each member of a population has an equal chance of being selected. The two main branches of statistics - descriptive and inferential - are examined. Descriptive statistics involves collecting and summarizing data, while inferential statistics allows for predictions, estimates, and hypothesis testing based on sample results. The decision making process is reviewed as moving from identifying a problem to collecting data, transforming it into information and knowledge, and making a decision.