Business Decision Making Project, Part 2

Data and statistics is able to be collected through a number of different ways to gather information, the majority of people have taken part

 Inferential statistics helps us to analyze predictions, inferences, or samples about a specific population from the observations that they make. “With inferential statistics, you are trying to reach conclusions that extend beyond the immediate data alone” (Trochim, 2006). The goal for this type of data is to review the sample data to be able to infer what the test group may think. It does this by making judgment of the chance that a difference that is observed between the groups is indeed one that can be counted on that could have otherwise happened by coincidence. In order to help solve the issue of generalization, tests of significance are used. For example, a chi-square test or T-test provides a person with the probability that the analysis’ sample results may or may not represent the respective population. In other words, the tests of significance provides us the likelihood of how the analysis results might have happened by chance in a scenario that a relationship may not exist between the variables in regards to the population that is being studied.

Social networks are widely used. Describe how this technology could be used in a business setting. Are there any drawbacks or limitations to using social networks in a business setting?

The goal of inferential statistics is to end up rejecting the null hypothesis and concluding that a significant relationship exists; therefore, the null hypothesis always presume no relationship.

Descriptive statistics are digits that are used to summarize and describe a given range of data (Klenke, 2008). Basic descriptive data includes, mean, median, mode, variance and standard deviation. The data can be rearranged in an ascending order as follows:

Based on your Week 3 collaborative learning team discussion, submit, individually, a 350- to 700-word summary of the work completed by your team.

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2. select a quantitative research study. Identify and describe the method(s) used to describe the data in this study. Was the appropriate method(s) identified, in your opinion? Could other methods have been used to describe the data in this study?  Be sure to properly site the study you chose within your post.

Descriptive statistics are brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire population or a sample of it. Descriptive statistics are broken down into measures of central tendency and

This section will provide the rationale of the methods employed and highlight how the study will be performed. The study will examine the population with the sample size identified, data collection method and its analysis will be offered.

*For accurate inference, researchers need to analyze data drawn from representative samples. Discuss some of the practical limitations to doing so for qualitative and quantitative approaches.

2. Inferential statistics refers to generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, and making decisions.

What objective data will you need to collect during your examination? Explain what techniques you will use to obtain this data.

Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation, and presentation of data. It is applicable to a wide variety of academic disciplines, from the physical and social sciences to the humanities. Statistics are also used for making informed decisions – and misused for other reasons – in all areas of business and government. Statistical methods can be used to summarize or describe a collection of data; this is called descriptive statistics. In addition, patterns in the data may be modeled in a way that accounts for randomness and uncertainty in the observations, and then used to draw inferences about the process or population being studied; this is called inferential statistics. Both

Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it