The Essentials of Studying Statistics
Introduction
Making effective business decisions are always based on cost, time and prospect. Calculating money cost, time cost and forecast of return, all are based on marketing research, data mining, information analysis and findings. The way of the finding the answer is statistics.
Statistics – The Method of Organizing Data
Broadly, statistics is a set of disciplines for study quantitative information. Implied that several methods used to collect or process or interpret quantitative data from large amount of information, then finally generate a calculated number, for example average, mean, standard deviation…etc. All of these are the key reference for decision making or predicting
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This also means that, statistics become the beacon to many businesses and corporate.
How to start a statistical study?
Briefly, there are 3 simple steps to understand how to get a solution from statistical study:
1. Collect and gather statistical information
2. Analyze information
3. Infer a conclusion from the information Descriptive Statistics – Tell You the Facts
It is commonly make a distinction between descriptive statistics and inferential statistics, which used in different approaches of information analysis.
Descriptive statistics is the basis of virtually every quantitative analysis of data. It is a study of the characteristics of the population and samples. By collecting and describing the information, a group of simplified and arranged data communicates a conclusion. Key analysis included average, mean, mode, standard deviation, central tendency, dispersion and Kurtosis of the variables. It is meant that descriptive statistics is an attempt to summarize experience and phenomenon. The results always presented by different diagrams (histogram, pie chart or polygon) for effective understanding.
The method of descriptive statistics is always applied on study the correlation among few factors. The following is a typical example of the relationship between cholesterol and blood pressure.
Example 1
Adult 1 2 3 4 5 6 7 8 cholesterol (x) 225 207 270 217 285 274
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
• Provide at least two examples or problem situations in which statistics was used or could be used.
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:
To view the research on a nominal scale, the research data can be drawn from the type of class. The word nominal is derived from the root word in Latin for name (Usable Stats, 2013). The name of the class, Psychological Statistics, is the nominal measurement for this research. When conducting this study, the study will only be measured during the course of this specific class. The results could drastically change when considering another type of class such as Quantitative Literacy as the cognitive understanding of such a collegic math class may be more optimal through a different course-delivery format.
The last few weeks we covered descriptive statistic: the central tendency, variability, correlation and Z-score. Today’s session is a little bit different, we will be talking about statistical significance. Statistical significance is the level of risk one is willing to take to reject or accept a null hypothesis while it is true and it separate random error from systematic error. When doing a study or research, the statistical significance shows that the difference obtained were not caused by chance. Inferential statistics, the T-test, partition noise from bias by studying a random sample than the population in which we are interested and from the results we infer. The advantage of using sample than a population, it is convenient, saves time, energy and money because n is smaller than population and above all it helps to control systematic and random errors. When we are making a conclusion, we should have a certain confidence or probability of being right and that is called the alpha level; which the risk you are willing to
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 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.
3) The performance of personal and business investments is measured as a percentage, return on investment. What
Statistics are defined as the science that comprehends collections of data and analysis by interpreting them to numerical data. Physiology can use statistics in many ways such as sizes of cells comparisons, the length of nerves in comparison, Analysis of Variation (ANOVA), and other statistic comparisons (Lazic). This experiment is comparing vertical jump height with muscle, and fat content between women and men.
Descriptive statistics are very important because if we simply presented our raw data it would be hard to visualize what the data was showing, especially if there was a lot of it. Descriptive statistics therefore enables us to present the data in a more meaningful way, which allows simpler interpretation of the data. For example, if we had the results of 100 pieces of students' coursework, we may be interested in the overall performance of those students. We would also be interested in the distribution or spread of the marks. Descriptive statistics allow us to do this. How to properly describe data through statistics
The statistical descriptive strategy will be correlation, which is defined as “two different variables are observed to determine whether there is a relationship between them” (Gravetter & Wallnau, p. 11, 2009). The descriptive statistic will be presented as percentages, mode and mean. The inferential data will be conducted using a chi-square test for independence. According to Gravetter and Wallnau’s definition of the Chi-square test for independence states that it “uses the frequency data from a sample to evaluate the relationship between variables in the population” (2009, p.
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
Statistics provide hard and fast numbers or evidence to support what is being reported. If statistics are present we may instantly believe what we hear. On the other hand, little or no statistics are presented may result in instant skepticism or disbelief.
A Descriptive research purpose was used to answer the quantitative research PICOT question. In human research, a descriptive study can provide naturally occurring health status, behavior, attitudes and other characteristics of a particular group. In descriptive studies, data is collected without interfering the environment and is also referred as observational study. Descriptive studies are conducted to examine
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