How Statistics For Managers ( Bam1447b )

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What I learned in Statistics
Kevin Green
Statistics for Managers (BAM1447B)
Timothy Crawford
What I learned in Statistics
Statistics is a mathematical and scientific process based on the analysis, interpretation, collection, or explanation, and presentation of a data set. It is applied to an enormous variety of academic disciplines, from the natural and social sciences to the humanities, and to government and business. Data analysis is applied when information needs to be converted into the raw data which is more purposeful information. Statistics is mainly all about the data analysis of a set of data. Before actually began working on data analysis in real world and on paper, it is important that the basic knowledge is
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Descriptive statistics can assist in proper presentation of data such that it can be comprehended and analyzed by the user. For example, if we had the data about the labor budgets of 200 companies, then that data would make no sense as it would be difficult to comprehend. But if that data is classified industry-wise, and arranged, an average is calculated for the industry and for the labor budgets, and then the interpretation would be more feasible. In this example, descriptive statistics is extremely helpful because of the simplicity of how the data information needs to be shown. Following I will briefly explain the two most common types of statistics used to break down and describe data. The two types are measures of central tendencies and measures of dispersion. Measures of central tendency are “measures which are at the central position of the frequency distribution and which are representative of the whole distribution.” (Tanner, D. E., & Youssef–Morgan, C. M. , 2013) A part of the measures of central tendency is the mean, mode and median of the data for which was describe. Measures of dispersion are “measures that show how far the actual values are from the measure of central tendency.” (Tanner, D. E., & Youssef–Morgan, C. M., 2013) For example, the average labor budgets from all the 200 stores may be 21% of net sales but individual labor will not exactly be 21% of net sales. Each store will run a different percentage for labor.
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