Statistical Concepts Of A Real World Business Situation

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

At 5% level of significance, is there sufficient evidence to conclude that the proportions of errors in transactions assigned to each of the 5 memory locations are all different?

• Provide at least two examples or problem situations in which statistics was used or could be used.

3. According to the authors, what are the “three simple steps to doing Statistics right?” 4. What

Statistics, facts, data, and comparisons are absorbing and challenging to present in a way that is anything other than, well, boring. For purposes of an informational presentation, the statistics are unavoidable. However, in this

You are all interested in something. Explore the literature (magazines, books, web sites, etc) for your interest area and find an example of the use of graphical statistics. I suggest a Google search using the Images option, and select some interesting and visual display of data. Identify the related materials that support the graphic and containing some form of statistical analysis and/or display. Review your materials using the framework offered below.

Statistics is defined as “the science that deals with the collection, classification, analysis, and numerical facts or data” (Dictionary.com,2012). Sometimes it is important to analyze statistical data in order to understand how something works or doesn’t work. In the case of American public education, there is tons of statistical data being thrown around, but what do all of these numbers really mean? How does this data help us? Although statistics provide clarity for constant scrutiny to the public education school system, they also help us to understand what were doing wrong in the classroom. In comparison of two different states, Nevada and Wisconsin lay at two very

Statistics involves framing questions in a context, then collecting and analyzing data for interpretation. Probability is about chance and fairness with assigned values. Many mathematics instructors teach this discipline in a procedural manner, causing students to miss its essence.

Research is primarily an investigation. Researchers and scientists gather data, facts, and knowledge to help better understand phenomenon, events and people. Through research, analysis, investigations, and experimentation, we gain a better understanding of our world. As I skimmed the text to find a definition, I found the word research several times on several of the pages in the first chapter. Research is fundamental to any scientific enterprise and statistics is no exception.

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

This video introduces new vocabulary terms. First of all, statistics is the study of variability. Secondly, statistics is broken down into two parts descriptive and inferential. Descriptive is when you collect data and talk about it. Inferential is when you take a sample and use it to make an inference about the population. Thirdly, the video talks about the difference between population and sample. Sample is a smaller part of the population. When you take a sample and come up with an average, that average is called a statistic. When you find the average of population, that average is called a parameter. Lastly, gathering information about the whole population is called a census. In conclusion, a statistic based on a sample helps make an inference about the parameter of the whole population.

So while I never want to take a statistics course, and while statistics scientifically involves so many numbers and mathematical principles, I am now interested in seeing how statistics is different from what everyone has said. It is wonderful to think that everyone can be connected through these

Regression analysis seems to be extremely useful in determining financial distress and the bankruptcy of firms. In fact, in a particular study conducted by Bredart in 2014, it was presented that regression analysis was able to show an 84% prediction accuracy rate in determining bankruptcy of 870 firms between the years of 2000 and 2012 (Bredart, 2014). The independent variables used in Bredart study included profitability (net income/total assets), liquidity (current assets/current liabilities), and solvency (equity/total assets) while the dependent variable included financial distress.

As indicated by the case study S&P 500 index was use as a measure of the total return for the stock market. Our standard deviation of the total return was used as a one measure of the risk of an individual stock. Also betas for individual stocks are determined by simple linear regression. The variables were: total return for the stock as the dependent variable and independent variable is the total return for the stock. Since the descriptive statistics were a lot, only the necessary data was selected (below table.)

The author has experience in dealing with financial data during his day to day job. Therefore he is comfortable with extracting relevant figures and come to a conclusion on his