Descriptive and Inferential Statistics - Assignment Example

Comments (0) Cite this document
The paper “Descriptive and Inferential Statistics” looks at a strict liability rule, which dictates that the owner of a company should take responsibility for any damages caused by his or her products. Under a strict liability rule, the optimal decision for Ford will depend on the expected loss…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.5% of users find it useful
Descriptive and Inferential Statistics
Read TextPreview

Extract of sample "Descriptive and Inferential Statistics"

The total cost under this option will be $0 + $ 4,400 = $ 4,400.
On the other hand, when the company decides to recall tires, it will cost it $800 per unit to replace tires with another rand and the probability of tire separation will be 0.001. Thus, the expected loss will be:
From the above summary, the average loss for ten months is $118,358 which is deemed to be the damages for the ten months before Brinks’ contract was terminated.
B. As a Brinks’ Attorney, my objection would be that the damage calculation method considered only a few months; it did not cut across the entire period Brinks had the contract.
Therefore, Ford should recall tires since the total cost for this option is quite lower than that of keeping the tires.
Under a no liability rule, the company will not take responsibility for any damages caused by its products; in case of any damages, the consumers cater for the loss. Therefore, considering the two options of recalling and not recalling tires, we consider the expected loss and total costs involved in both.
Standard deviation is the most reliable statistic that can be used in a legal setting since it describes how far a certain value is from the mean. For instance, the mean in the above summary is 74818.90 and the standard deviation for the same data is 1677.93. Thus, this standard deviation is quite small and it can be interpreted as follow: This data has a relatively small standard deviation which implies that the total population per member for all the districts is closer to the mean (well distributed across all the districts).  
Therefore, considering the expected loss, Ford should recall tires since the loss will be quite low ($ 1,000) when compared to keeping the tires.
Assuming perfect information, consumers who have Ford products should consider replacing the Firestone tires with other tires so as to avoid incurring losses in case of damages. It only costs $800 to replace all the four tires but waiting for accidents before one can replace the tires will cost more. Read More
Cite this document
  • APA
  • MLA
(“Write math problem Speech or Presentation Example | Topics and Well Written Essays - 500 words - 1”, n.d.)
Write math problem Speech or Presentation Example | Topics and Well Written Essays - 500 words - 1. Retrieved from
(Write Math Problem Speech or Presentation Example | Topics and Well Written Essays - 500 Words - 1)
Write Math Problem Speech or Presentation Example | Topics and Well Written Essays - 500 Words - 1.
“Write Math Problem Speech or Presentation Example | Topics and Well Written Essays - 500 Words - 1”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Descriptive and Inferential Statistics

Descriptive and Inferential Statistics

...Your DIFFERENCES BETWEEN DESCRIPTIVE AND INFERENTIAL STATISTICS The modern society where people interact with, becomes increasingly sophisticated and complicated. Everyday, individuals are bombarded with conflicts, problems and uncertainties; and in their attempt to arrive at the most ideal solutions, they tend to utilize as much principles, methods, tools and wide-range applications like statistical analysis. The information acquired and learned at home, school, offices and other establishments exist in various types - texts, graphical, sounds or in multi media format. These information frequently influence people as they make decisions. Which cellphone to...
2 Pages(500 words)Essay

Inferential and Descriptive Statistics

...Inferential and descriptive statistics: Introduction: Inferential and descriptive statistics are two methods of analyzing data, descriptive statistics involves simplifying collected data in order to make the data easier to understand, descriptive statistics involves determining measures of central tendencies frequency of variable and dispersion. Inferential statistics on the other hand involves making conclusion, this include statistical hypothesis testing, determining the relationship between two variables, chi square...
3 Pages(750 words)Essay

Statistics/Analysis - Descriptive and Inferential Presentation

...ORIGINAL ITALIAN PIZZA Statistical Analysis Descriptive and Inferential Presentation Quantitative Business Analysis of University Date ORIGINAL ITALIAN PIZZA Statistical Analysis Descriptive and Inferential Presentation 1.0 The Problem The owner of the Original Italian Pizza restaurant chain would like to understand which variable most strongly influences the sales of his specialty, deep-dish pizza. He has gathered data on the monthly sales of deep-dish pizza at his restaurants and observations on other potentially relevant variables for each of his 15 outlets in central Pennsylvania. These data are provided in the attached Excel file....
5 Pages(1250 words)Essay

Descriptive or Inferential Statistics

...The Use of Statistics in a News Article The article “Education—Answered Prayers” was published on the National Journal Magazine website d August 16, 1997. There is no specific author named, but the National Journal is a conservative news commentary publication which is also associated with The Atlantic and Washington Week. The article talks about why inner-city Catholic schools are so successful when inner-city public schools are struggling. The author sprinkles statistics throughout the news piece. To set up the section on why Catholic schools are not the answer to struggling schools in general, the author cites the statistic that of 49 million school children in the U.S., only five...
2 Pages(500 words)Essay

Descriptive statistics/inferential statistics

...Survey Research Select a quantitative article that is related to your research question in which the results of some type of a survey are reported. Examine the demographic statistics and the means and standard deviations for items on the survey. What do they tell you about the sample? Discuss the ethical issues related to gathering demographic and survey data.  The study chosen was the Williams et. al. (1998) study wherein the researchers attempted to evaluate the extent to which patient literacy was related to their knowledge of asthma and effective use of the MDI. The study presents demographic statistics predominantly in the form of frequencies and percentages, and some in the form of means and S.D.’s. The data shows us... ? Read the...
2 Pages(500 words)Assignment

Find an example of descriptive or inferential statistics

...WEEK THREE STATISTICS: DESCRIPTIVE STATISTICS Summary of the report ‘Health department announces 41% drop in deaths among black New Yorkers living with HIV’ was published by the New York’s government press on 7 February 2012. According to the report, there has been a significant decrease in the number of deaths caused by HIV among black people. Current data based on the report shows that HIV related deaths have over the past decade decreased by about forty percent. Fifty percent of these deaths among black people in the United States occurred in the New York City. The report further indicates that an average of twenty one percent of New York residents do not know their HIV status while...
1 Pages(250 words)Essay

Descriptive and Inferential Statistics Paper

...Descriptive and Inferential Statistics Affiliation: Descriptive statistics is thedescription, analysis and the summarizing of the analyzed data in such a way that a meaningful pattern of data and results is achieved. Descriptive statistics can also be defined as a set of mathematical data that summarizes all the data present in a given population in order to draw a meaningful pattern that would make it easier to understand the data that has been presented and also facilitate in the conclusion later on with the help of other statistical techniques. Descriptive statistics...
1 Pages(250 words)Research Paper

Explain the difference between descriptive and inferential statistics using examples of both to help illustrate your explanation

...Visual Arts and Film Studies By [Visual Arts and Film Studies] of Statistics refers to the study that involves collection, organization, investigation, elucidation and presentation of data. This study involves all the facets of data, which include scheduling of data collection in terms of design of assessments and experiments. Either one or both of the statistics methodologies can do data analyzing. This essay seeks to examine the differences that exist between the two statistics methodologies: descriptive and inferential statistics. As a point of departure, the descriptive methodology entails specific functions of the...
2 Pages(500 words)Essay

Descriptive & Inferential Statistics

...Hypothesis Individual characteristics and school characteristics affect high school dropout rates. Descriptive Statistics In order to observe high school dropout rates and how they correlate with “Individual Characteristics”, we examined data from various sources on national high school dropout rates of students ages 16 to 24. The data used to analyze the relationship between dropouts and individual Race and Ethnicity was provided by the National Center for Education Services through the Institute of Education Services (ies). Some of our data also came from the U.S. Department of Commerce. We focused on data between 1992 and 2012 because current data collection procedures changed in 1992 and data before...
4 Pages(1000 words)Assignment

The question to address is: What have you learned about statistics Discuss the application of each of the course elements in analyzing and making decisions about data (counts and/or measurements). Descriptive statistics Inferential statist

...the individual whether the batter is hitting home runs or singles. It does not inform if a person has been on a stripe or in a slump. The GPA does not provide information to the individual whether the student was in challenging courses or those that are easy or whether they were courses in their primary field or other disciplinary areas. Even provided these demerits, descriptive statistics give a significant summary that may enable comparisons between individuals or other forms of units (Chrisman, 1998). Inferential statistics In regards to inferential statistics, an individual is applying effort to come to conclusions that exceed the...
4 Pages(1000 words)Admission/Application Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Descriptive and Inferential Statistics for FREE!

Contact Us