Statistics for Managers Individual Work wk3 - Essay Example

Running header: Statistics for managers Paper It is axiomatic to argue that the art of conducting research has always been an intriguing idea that has spurred innovation and controversy for centuries. To imperatively discuss the stated questions, it is crucial and prime to digest, conceptualize and internalize the dichotomy in the unembellished key word ‘research’, which is delineated as a detailed examination of a phenomenon to corroborate novel facts. When a study is being conducted, both continuous and discrete variables are very important in justifying phenomena.

Organizations need both continuous and discrete random variables to conduct comprehensive analysis. For instance, an automobile industry can analyze the likelihood of a parts failure in an automobile. Discrete random variable is delineated as a variable in which all the outcomes cannot be broken into smaller measurements and are also mutually exclusive. It exists on either infinitely or finitely countable continuum. Continuous random variable is delineated as infinitely unaccountable probability space.

Despite the fact that each event is peculiar, it is not possible to measure the probability of a single event given that it can be further divided into smaller parts. (Lind, & Mason, 2000)This is a random variable because its value is determined by chance, and is unknown in future. An analysis of discrete random variables will be utilized in a supply industry company in which defects can be measured via 100 invoices. This sample size allows discrete random variables as. In addition, process mapping allows multiple phases of data analysis to have visual work force.

The possible values this random variable can assume are the values of each card in the deck: two, three, four, and so on. Because these values are distinct, indivisible amounts, the random variable is discrete. This helps balance customer gaps and assure quality assurance to the highest degree. This information can be assessed to use as data to trigger sales in every department. An analysis of continuous random variables is measuring the time with customers coming and entering the retail at a specific time.

Continuous random variables can be utilized in Wal-Mart in which customers are coming in 3 minutes 32 seconds of 5 minutes 17.6 seconds. This is crucial to quantify the data in essence to have a visual display of the work that is being conducted. For instance, suppliers and vendors can look at this data to analyze when customers are coming at the right time. Inputs can be utilized to include process activity in which customers are stakeholders. Although research is continuous process with the intent of continuous enhancements, errors are always present in any research that maybe unknown.

The output requirement of the random variables is utilized to identify gaps, business metrics, and key indicators to drive business initiatives. Born in the month of September, I have picked the question e. In the experiment e, the experiment is to weigh a shipment of goods, the random variable for the same is the number of pounds. In this case, the values can take infinitely unaccountable probability space. There are a number of possibilities that can arise in the experiment. Therefore the experiment in this case is a continuous random variable.

(Anderson, & Sweeney, 1984)ReferencesAnderson, D., & Sweeney, D. (1984). Statistics for business and economics (2nd ed.). St. Paul: West Pub. Top of FormBottom of FormLind, D., & Mason, R. (2000). Basic statistics for business and economics (3rd ed.). Boston: Irwin/McGraw-Hill.