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¶ … statistics also identify various types as well as levels of the same. Further, the role statistics plays in business decision making will also be explored. Later on, a number of examples will be presented in an attempt to identify situations in which statistics can be put to use.
A review of literature demonstrates that over time, different authors have given varying definitions of statistics. According to Siegel (2011), "statistics is the art and science of collecting and understanding data." However, a more common and realistic definition of statistics is that given by Webster's Third New International Dictionary. In this case, statistics according to Black (2011) is defined as "a science dealing with the collection, analysis, interpretation, and presentation of numerical data."
There are various levels and types of statistics. In general, statistical methods can be categorized into two i.e. inferential statistics and descriptive statistics. In the words of Black (2011), "if a business analyst is using data gathered on a group to describe or reach conclusions about that same...
It is however important to note that descriptive statistics largely limits itself to the group being studied. However, "if a researcher gathers data from a sample and uses the statistics generated to reach conclusions about the population from which the sample was taken, the statistics are inferential statistics" (Black, 2011). Here, the predictions made about a population are derived from the observation as well as analysis of the sample. Thus unlike in descriptive statistics, results in this case can be generalized to a larger population.
The relevance of statistics in business decision making cannot be overstated. According to Siegel (2011), statistics enhances the ability of individuals to come up with good decisions. To remain relevant in a highly competitive marketplace, businesses must be able to make wise and informed decisions. However, the highly uncertain business environment in which businesses operate makes decision making difficult.…
References
Black, K. (2011). Business Statistics: For Contemporary Decision Making (7th ed.). Hoboken, NJ: John Wiley & Sons.
Siegel, A.F. (2011). Practical Business Statistics (6th ed.). Burlington, MA: Academic Press.
Statistics What I Learned About Statistics The most important thing that I have learned about statistics is that there is no reason to be afraid. Prior to studying statistics and statistical methods many students view statistics as being extremely difficult, dense, and nearly impossible to understand. After learning about the various types of statistics, analyses, hypothesis testing, and so forth it becomes quite clear that statistics is a logical discipline that
Medical Conditions -- There are a number of factors that can increase the likelyhood of type-2 diabetes: hypertension, eleveted cholesterol, and a condition called Symdrome X, or metabolic syndrome (combination of obesity, high cholesterol, sedentary lifestyle, stress, and poor diet). Cushing's syndrome, cortisol excess and testosterone deficiency are also associated with the disease. Often, it is a number of co-dependent conditions that seem to give rise to diabetes (Jack &
Both of these concrete personality traits, which the MBTI instrument was not designed to measure, were more directly measured through the utilization of other more specifically and concretely designed instruments, and the values recorded by various individuals on these instruments compared with their responses on the MBTI instrument, in order to determine whether or not the instrument has greater applicability and validity in determining personality traits than its creators
This means that you must continually monitor and communicate about possible changes, pertaining to the overall scope of the threat. Once this occurs, is when an entity will have an effective security procedure that will adapt to the various changes that are taking place. This is significant, because this information can be used to corroborate the overall nature of security threats that could be faced by the SME. Where, this
Other techniques like brainstorming and mapping are recommended by Ellis (1997). The other principle which underlies the constructivist approach is a deep focus on main ideas as well as relationships within the key ideas that lie within a given subject area (Grobecker, 1999). The application of this principle means that a teacher must stress the various connections of the more important concepts that form the main idea for a given
Evaluation of the Federal Bureau of Investigation�s Uniform Crime Reporting ProgramEstablished in 1908, the current stated mission of the Federal Bureau of Investigation (FBI) is to �protect the American people and uphold the Constitution of the United States� (Our vision and mission, 2021, para. 2). To achieve this vital mission, the FBI investigates a wide range of domestic crimes, including white-collar, organized and violent crimes, among others. One of the