Statistics : Statistical Concepts For Research

1678 Words7 Pages
Final Paper
Tamara D. McQueen
MAT 540: Statistical Concepts for Research
Dr. Veliota Drakopoulou
November 20, 2016

Final Paper
This paper will give an overview of various approaches that statistics are used in everyday life when finances are concerned. The following three methods will be discussed: Sample Units, Probability, and Bayes Theorem. Hopefully, we have a broader knowledge of the three methods and understand how statistics can help in our everyday life. Let us beginning by discussing the tem statistics. “The term statistics, originated from the Latin word “status,” meaning “state.” (Johnson and Bhattacharyya, 2014). For many when the term statistics is mentioned, one may tend to think of numbers that compare how something was viewed by another set of persons or things compared to another set of persons or things. However, statistics is so much more than that. “Statistics help provide a solid basis for improving the learning process.” (Johnson and Bhattacharyya, 2014). Statistics are used in our everyday lives for things like polls for employment rate, the Gallup poll, teenage pregnancy rate, high school dropout rates, etc. The list of statistics goes on and on. Many financial institutions use statistics to help them figured out how well or bad their company may be doing. For, instance 1st Franklin Financial Corporation (1FFC), use statistics on a daily basis to help their company to know they did or did not do and how or where they need to improve.
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