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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This document comprises BCOM 275 Week 2 Demonstrative Communication Write in 700 - 1000 words paper describing demonstrative communication. Demonstrative communication includes nonverbal and unwritten communication and involves such things as facial expressions‚ tone of voice‚ body language‚ and so forth. Include the following elements in your paper Provide examples showing how demonstrative communication can be effective and ineffective‚ positive and negative‚ for the sender and receiver
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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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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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escape the mouth. For example‚ a manager presents to an employee a new roadmap for product development. The employee is sitting in front of the manager with their arms crossed‚ looking at the table and slumped in the seat. The manager asks the employee what their thoughts are on the new roadmap and the employee responds with “I think this is a great plan and I’m excited to start working on it”. The words that are spoken here contradict the body language and eye contact. The message that can be received
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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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Ethics and Business Statistics Integration Paper Student: Antoinette M. Ware Grand Canyon University: SYM 506 July 17‚ 2013 Abstract This paper will delineate Christian perspectives in statistics and how a personal world view is applied to the moral and ethical practice of statistics Ethical Principles for the Practice of Statistics Ethics gives the insight and morals to the statistical profession. It gives parameters for a finding a solution
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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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example‚ I was the sender and the farmer was the receiver. The farmer had always been under the misunderstanding that a building should be insured to what the value he wants out of it is. In insurance‚ if a building is on a Replacement cost policy‚ this is not entirely true. I explained to the farmer that a building needs to insured to at least 80% of what it would cost for someone to rebuild the building brand new‚ with the same square footage. The way I explained it is that if a building you think
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What proportion of a normal distribution is located in the tail beyond z = +2.00? 0.0228 What proportion of a normal distribution is located between the mean and z = 1.40? 0.4192 The Z-score corresponding to the 52nd percentile is .05 A normally distributed variable has a mean of 10 and a standard deviation of 2. The probability that a value between 7 and 9 is obtained is .2417 An accelerated life test on a large number of type-D alkaline batteries revealed that the mean life for a particular use
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