How Statistics For Managers ( Bam1447b )

Statistics provides us with very useful tools and techniques that aide us in dealing with real world scenarios. I have been able to learn several useful concepts by studying statistics that can aide me in making rational and informed decisions that are supported by the analysis results. Statistics as a discipline is the application and development of various processes put in place to gather, interpret, and analyse the information. The quantification of biological, social, and scientific phenomenons, design and analysis of experiments and surveys, and application of

Statistics uses math to determine whether or not an experiment happened by chance. In other words, it determines the probability of your results being by chance or if it is factual data. The mathematical ways of determining probably include looking at mean, standard deviation, mode, and median. This experiment will use statistics to test the probability.

Statistics is a comparison of two numbers, one from a current standpoint and one from a previous time frame. In the real world, there are many ways to measure observations or responses using a mathematical analysis. By collecting this information, analyzing the data and then summarizing it with the use of numbers helps people, businesses and consumers drive decisions. There are many ways to collect statistics through surveys and other data collections. An example of this is when consumers shop, they often swipe their loyalty cards and provide stores information on items purchased and consumer shopping patterns.

* Unknown values in the sales column was calculated by adding the residual (column F) and predicted value (column E)

Descriptive statistics can provide a variable summary of the collected samples and measure data for the products. Organization can able to describe what data is an actually presented with the help of descriptive statistics. (Goos & Meintrup, 2015 )

One could describe descriptive statistics as collecting, organizing, summarizing and then presenting data. Inferential statistics may be explained as making predictions, making inferences, determining relationships, and hypothesis testing. To express the fundamental characteristics of the facts in a certain examination one would use descriptive statistics. This type of statistics presents straightforward outlines about the example and the quantity. Thus with detailed illustrative examinations, they shape the base of nearly all quantitative analysis of data. To summarize a collection of data in a clear and understandable way is the most essential use of descriptive statistics (RVLS, 2009). Numerical and graphical are the two crucial methods in descriptive statistics. If one is using the numerical style one may calculate statistics by using mean and average differences. Descriptive statistics are usually recognized from inferential statistics. With descriptive statistics it is simply describing what is or what the data shows (Social Research Methods, 2006). With inferential statistics, it is trying to reach

Statistics is defined as the mathematical science study of collection, organization, analysis as well as interpretation of numerical information from a given set of data (American Statistical Association, 2013).

Unite Automobile Enterprise was established in January 2009. The company is involved in selling various types of domestic and import cars.

The graph would be more useful if it showed actual income levels and numbers of people within that income level who had tried the product. It only tells us the midpoint which has a large range and therefore, the information is quite general. This information would be fine if we wanted to target general income groups but it would be insufficient if we wanted to determine specific income levels who have tried the product, as we do not know what that income level

Statistics in modern society is very vital tool for governance. Statistics are "relatively large scale", which "uses numeric data and statistical procedures to analyse such data and reach conclusions" .

Statistics is the science of learning from data, and of measuring, controlling, and communicating uncertainty; and it thereby provides the navigation essential for controlling the course of scientific and societal advances (Davidian, M. and Louis, T. A., 10.1126/science.1218685).

Merriam Webster dictionary defines statistics as “a branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data”. With all of this information, it is not surprising that statistics is seen in nearly every persons everyday life. It is seen even in unexpected things- such as insurance rates, weather, political campaigns, large consumer based stores,sports and in medicine. Statistics is one of the most relevant branches of math because even if it does not appear to be in everyday life, it is.

This investigation which I carried out is closely related to statistics, where its main objective is to help us understand how a large amount of data is analysed and tabulated with the help of sampling and estimation, as well as its application in real life. In this investigation, we were instructed to analyse the census data tabulated from the respondents, where they input the data through a survey form available online. The respondents consist of students who are taking South Australian Matriculation course at Taylor’s College Subang Jaya. We were to carry out a series of analysis regarding the variables derived from the census data, and interpret the results obtained with the application of statistics knowledge.

When business use statistics it allows managers to make decisions based on the data, whether it is good or bad for the company. Statistics are the numerical description of a sample population. We use statistics in our everyday lives, especially in a work setting. For example, a survey taken on the job, the findings were 90% of the employees have master’s degrees. But the parameter focused on the entire population. Shelby County requires the organization to have a Bachelor’s degree. A researcher can use statistics with a quantitative analysis by describing, summarizing and comparing the data. For example, a home health agency uses data for their program and policy and procedures. By grouping their clients by their age, demographics, and their race; each one is formatted in separate columns, a defined variable. The data will be able to show the output (tables, graphs, and statistics) and seen in a separate window. Statistics is also known as descriptive and inferential statistics.

Statistics is defined as a branch of mathematics used to analyze, explain summarize as well as interpret what we observe- in order to make sense or meaning of our observations. Every day in life we encounter information that originates from diverse forms and ways. This means that to make this information to have sense, there is the need to use statistics. However, due to its focus and empirical on applications, statistics is classically considered a distinctive mathematical science rather than a branch of mathematics (Chance et al, 2005). Thus, some tasks a statistician use are less mathematical; for instance, making sure data collection is carried out in a manner that yields valid conclusions, reporting results, or coding data in ways understandable to the users. Statistics is known to improve the quality of data by fashioning specific survey samples and experiment designs. It also offers tools used to predict and forecasting the use of data as well as statistical models. It is applicable in many academic fields that include business, government, social and natural sciences.