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¶ … QRB/501 Quantitative Reasoning Business: The intro answer questions: How convert data index? Give examples Why people index (indices) explain data? What time-series data? How time-series data index forecast inventory year? Please ALSO write a conclusion based answers You HAVE TO USE PRESENT TENSE ONLY -- I MEAN ONLY.
Converting data into indexes is essential in business statistics. Raw data is of little use in and of itself. However, being able to compare data in the form of a chart or tracking a phenomenon over time via a table enables the viewer to make meaning out of what would otherwise be a series of incomprehensible numbers. Each index number "measures the relative change in price, quantity, value, or some other item of interest from one time period to another" (Chapter 15, 2008, McGraw Hill: 3).
Indexes, by virtue of their brevity and ease of viewing, also make it far easier to analyze large numbers. While a simple index measures the change in only one variable, complex indexes offer the ability to simultaneously compare a variety of different variables, further enhancing...
For example, a value index tracks changes in price and quantities, which makes it particularly valuable for retailers (Chapter 15, 2008, McGraw Hill: 22). The change in the price of gas is an essential data point for many industries to track over time, to assess the degree to which it affects input costs. The government regularly takes the economic 'temperature' of the economy using the Consumer Price Index (CPI), which is made up of over 400 variables, including goods and services such as food and medical bills. Although prices are expressed in different units, through the creation of an index and reducing such goods to a single 'basket' value the government can track the impact of inflation upon consumers over time (Chapter 15, 2008, McGraw Hill: 8).
Data indexes provide a vision of the present and the past and enable a comparison between the two while time series data seeks to predict the future. "A time series is a sequence of observations of a random variable…Examples include the monthly demand for a product, the annual freshman enrollment in a…
References
Chapter 15. (2008). McGraw Hill. Retrieved:
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=8&ved=0CGIQFjAH&url=http%3A%2F%2Fwww.ukm.my%2FPSA%2FDR.%2520Hamizun%2FChapter%252015.ppt&ei=wZqWUYfSNLaj4AOI0oDYCw&usg=AFQjCNEDulJ_lRg7my4cmK8wgOxrm4HjyQ&sig2=082NWdzWEmehVjfeouyUxA&bvm=bv.46751780,d.dmg
Easton, Valerie & McColl, James (1997). Time series. Statistics Glossary. Retrieved:
http://www.stats.gla.ac.uk/steps/glossary/time_series.html#timeseries
http://www.me.utexas.edu/~jensen/ORMM/supplements/units/time_series/time_series.pdf
Validity, in essence, has got to do with the extent to which a given research study measures the accuracy of a specific concept – effectively meaning that a study can be said to have passed the validity test if it accurately mirrors that which the researchers set about to investigate. In quantitative research, as Polit and Beck (2012) point out, “researchers strive to design studies that are strong with respect
Quantitative Research Critique Part I Introduction It is important to note, from the onset, that the health and wellbeing of women is often impacted upon negatively by intimate partner violence (IPV). In the past, various research studies have attempted to not only assess the impact of IPV on the health and wellbeing of women, but also the strategies that ought to be implemented in seeking to care for victims of IPV. In
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Education Ndunda (2004) defines research as the systematic use of several techniques to generate credible information regarding problems. This process helps in providing reliable and verifiable information rather than assumptions regarding the issue or problem being examined. Based on this definition, the research process can be defined as collecting and analyzing information regarding a specific issue to generate reliable information that leads to accurate conclusions. In most cases, the research
grades of students' team taught and student not team taught in the MAE504 course at taking Trident University. In the quantitative research, carrying out a statistical analysis to answer the research question can be challenging for many students. The study discusses different statistical tools that can be used to analyze the data to compare the variable team taught students and variable non-team students. The discussion will assist students in