Statistics in Business Statistics is a mathematical science pertaining to the collection‚ analysis‚ interpretation or explanation‚ and presentation of data. It also provides tools for prediction and forecasting based on data. It is applicable to a wide variety of academic disciplines‚ from the natural and social sciences to the humanities‚ government and business ("Statanalysis Consulting"‚ 2013). Statistics is used in decision making that affects our everyday lives. The study of statistics
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Introduction Learning goals ❖ What is meant by Statistics ❖ What is meant by Descriptive Statistics and Inferential Statistics ❖ Difference between Parameter & Statistic ❖ Types of Statistical Inferences What is meant by Statistics ? Statistics is the science of collecting‚ organizing‚ presenting‚ analyzing‚ and interpreting numerical data to assist in making more effective decisions. Types of Statistics Descriptive Statistics : • Methods of organizing‚ summarizing‚ and presenting
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are two main branches of statistics that include descriptive statistics and inferential statistics.Descriptive statistics gives numerical measures that describes the features of a given set of data. Inferential statistics on the other hand takes a sample of a given population‚ analyses the sample‚ and from it draw conclusions about the population .Malcolm.O.Asadoorian and Demetrius Kantarelis in their book: Essentials of inferential statistics argue that descriptive statistics organize ‚ summarize and
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Statistics in Business QNT/351 William Modey Quantitative Analysis for Business Salonyia Fisher Summary Statistics is accurately defined as the study of the analysis‚ data collection‚ and organization of the data which is interpreted by a particular business field. Statistics main focus is usually dealing with the preparation procedure of the data collection in the course of developing surveys and creating experiments. When an organization uses statistics‚ it needs to be taken into consideration
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In my thesis‚ I will analyze three websites on obesity statistics in the United States. The analysis of each website will contain how they function as sources‚ their strengths and weakness. The first source on obesity statistics is from the National Conference of State Legislatures (NCSL). This website is for policymakers to give them access to research‚ technical assistance and opportunities to exchange ideas on state issues. This information captures the basic overview where obesity occurred in
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Mid-Exam for Statistics 2 for IBA 12 March 2013; duration: two hours It is NOT allowed to use a graphical‚ programmable calculator; only a simple pocket calculator is allowed. Write the answers to the questions on the attached answering form (on pages 7 and 8); only the answers‚ no derivations. (For this midterm‚ only the final answers to each individual question count.) This mid-exam contains 8 pages: 4 pages with information and three exercises‚ 1 page with a few formulae and 2 pages for
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Uses of Statistics HCS/438 August 2‚ 2011 Mike Janson Uses of Statistics The use of statistics has been proven to assist the understanding of information‚ data‚ in many ways. Statistical information is not just collected‚ but it is also organized and quantified‚ providing a clearer picture for further study. This writer will explain how statistics are used in my personal workplace‚ and describe aspects of the statistics used. Statistics in Personal Workplace My personal workplace is what
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WHAT IS STATISTICS? Statistics is the mathematical science involved in the application of quantitative principles to the collection‚ analysis‚ and presentation of numerical data. The practice of statistics utilizes data from some population in order to describe it meaningfully‚ to draw conclusions from it‚ and make informed decisions. The population may be a community‚ an organization‚ a production line‚ a service counter‚ or a phenomenon such as the weather. Statisticians determine which quantitative
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better decisions when they use all available information in an effective and meaningful way. The primary role of statistics is to to provide decision makers with methods for obtaining and analyzing information to help make these decisions. Statistics is used to answer long-range planning questions‚ such as when and where to locate facilities to handle future sales. 2 Definition s Statistics is defined as the science of collecting‚ organizing‚ presenting‚ analyzing and interpreting numerical data
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Descriptive Statistics One of the most beloved sports in America is Major League Baseball. This professional sport spends billions of dollars each year enhancing the chances to reach the ultimate goal in winning the World Series. Major League Baseball is one of the few remaining sports that have an uneven balance in the franchise wage capacity to acquire top talented players. The areas of concentration in this research paper will be player salaries‚ winning percentage‚ player performance
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