1 Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics.Explain the applications of statistics. Meaning of statistics Functions of statistics Applications of statistics. Ans:Statistics plays an important role in almost every facet of human life. In business context‚ managers are required to justify decisions on the basis of data. They need statistical models to support these decisions. Statistical skills enable managers to collect‚ analyse and
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Q1. (a) ‘Statistics is the backbone of decision-making’. Comment. Ans.(a) Due to advanced communication network‚ rapid changes in consumer behavior‚ varied expectations of variety of consumers and new market openings‚ modern managers have a difficult task of making quick and appropriate decisions. Therefore‚ there is a need for them to depend more upon quantitative techniques like mathematical models‚ statistics‚ operations research and econometrics. Decision making is a key part of our day-to-day
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Descriptive Statistics using Excel May 2011 / Dr Rensvold Open the Excel spreadsheet labeled "Example Database." The first page is the Data Dictionary. The Variable Label is the "handle" used for computation. The Variable Name is longer and more descriptive. The Values column shows the numerical values associated with categorical variables. In the data dictionary‚ you can see that the only categorical (nominal) variable is SEX. The others are ratio variables (why?) Click on the Data tab
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her bread when her family was starving” (Wikipedia 1). There are strong literary themes throughout this work that readily lend themselves to various forms of critique. This paper will focus on two main genres of literary criticism. The first is Marxist criticism‚ for which there is plenty of material that reveals the novel’s explicitly anti-imperialist agenda. There is a strong oppression of the poor by the rich‚ and socioeconomic subjugation is responsible for the huge disparity between the “haves”
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Descriptive and Inferential Statistics Greg Hagen‚ Jean Parker‚ Jade Riley‚ Nanika Woods‚ Myron Hamilton‚ Tajah Gutierrez‚ Treva Eley PSY/315 June 9‚ 2012 Nancy A. Walker Descriptive and Inferential Statistics Statistics is a vital part of the psychological field as the analysis of statistics provides researchers with a means of both describing the results of research and surmising from those results‚ as well as drawing conclusions related to a hypothesis. Statistics gives a better understanding
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Statistics is mathematical analysis involving the use of quantitative‚ models and summaries for a given set of tested data or observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. Today there is no social ‚commercial or even governmental activities not dependent on statistics from the beginning of the project until its end. When you start planning any new project must be the work of‚ for example‚ a study on
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Descriptive statistics is the discipline of quantitatively describing the main features of a collection of data.[1] Descriptive statistics are distinguished from inferential statistics (or inductive statistics)‚ in that descriptive statistics aim to summarize a sample‚ rather than use the data to learn about the population that the sample of data is thought to represent. This generally means that descriptive statistics‚ unlike inferential statistics‚ are not developed on the basis of probability
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Applications of Business Statistics Statistics are used by all industries and businesses as a standardized unit of measurement for presenting data in a useful and meaningful format. Statistics can be used to measure historical performance and to forecast future targets. For business managers and leaders‚ statistics provide insight into how business units are performing relative to an organizations goals and objectives. Statistics also forecast future trends and are used in all areas of human thought
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Reasons Statistics Are Important Tabatha I. Weekley BUS500 Research Paper SIU with Professor Morgan “Statistics is defined as a branch of mathematics dealing with the collection‚ analysis‚ interpretation‚ and presentation of masses of numerical data.” (m-w.com) Or‚ mathematical equations used to figure out what is happening in the world. So‚ why do we use statistics on a daily basis and how are they important? Statistics shape your life whether you know it or not. We use them in weather forecasts
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Assessing Statistics Why does Best argue that we should be cautious about statistics we encounter? Misquoted‚ repeated wrong Used for specific agendas – manipulated to get the desired reaction We need statistics – they’re necessary to understand complex society We need them to understand social problems BUT we need to be cautions What should we do to be better consumers of statistics? What questions should we be asking? Remember that statistics are presented from a particular point of view – be
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