Search
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.

# Statistics for Managers - Assignment Example

Summary
This essay describes the statistics for managers, that is an important field of study as it is also a fundamental aspect in our day to day lives. Statistics for managers is of significance since it is the foundation on which precise, accurate and informed decisions are made…

## Extract of sample"Statistics for Managers"

Download file to see previous pages Managers are frequently exposed to large masses of data but before the data can be put into use, must be organized, summarized and critically interpreted. Therefore this is one of a very important aspect of statistics. Research has clearly shown that top managers reach to a consensus 25% more quickly when responding to graphical presentations. This importance of descriptive statistics is thus a key strategy for managers. It is advisable for the management to posses analytical skills necessary to interpret graphs and computations on the same. Inferential statistics It can also be defined as making inferences about a population from a random sample. On the other inference refers to the art of reasoning involved in making conclusions and logical judgement based on the evidence from the collected data. Management revolves around decision making and thus inferential statistics come into place because the manager has to analyze the trend of the business operation (Broster, 1972). Based on the competitors or generally the market fluctuations such as change in consumer demands, the management is able to observe clearly the trend and from the given observations, logical judgements or inferences are made on the same. This is a very important aspect for a successive manager hence a better understanding of inferential statistics is important because it is a driving force to a positive growth of a business. Hypothesis development and testing A hypothesis is some testable believe or opinion while hypothesis is the process of formulating and coming up with hypothesis. On the contrary, hypothesis testing is the process by which they believe is tested through statistical means (Levin, 1987). This aspect of...
The main objective of this essay is to critically analyze the different aspects of statistics, learnt by the researcher throughout the course in relation to management. It is an in depth explanation of ethical and managerial traits one has to possess through acquiring statistical knowledge. This essay is also important in helping students aspiring to be future managers to take the study of statistics seriously, so as to avoid future dilemma when it come to making and implementing decisions. Generally statistics improve the quality of data through the use of specific sample surveys and experimental designs It provides the tools necessary for making predictions based on the data collected through statistical models. There are two types of statistics basically qualitative and quantitative or inferential and descriptive statistics. Statistics for managers is of significance since it is the foundation on which precise, accurate and informed decisions are made. The researcher states that a manager has to apply different aspects of statistical knowledge in order to make informed decisions and continue to prosper. The role of statistics cannot be replaced, neither can it be underestimated because it is very useful to managers and improving their analytical and interpretive skills based on data collected. Moreover, the researcher concluds his study on the topic and gives statement that no manager can be successful without statistical knowledge thus a very important aspect in the art of management. ...Download file to see next pagesRead More
Cite this document
• APA
• MLA
• CHICAGO
(“Statistics for Managers Assignment Example | Topics and Well Written Essays - 1000 words”, n.d.)
(Statistics for Managers Assignment Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.org/statistics/1492308-statistics-for-managers.
“Statistics for Managers Assignment Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/statistics/1492308-statistics-for-managers.
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Statistics
If an initial drop is 150 feet, than I would expect duration of the rides about 2 minutes and 7 seconds. Therefore, advertise that a 2-minute ride with a 150-foot initial drop is short by about 7 seconds. This is called
3 Pages(750 words)Assignment
Statistics
In other words, if row (or column) percentages were given than the total of each row (or column) percentages should have been 100 and it is not. Yes, this table support that “more than
4 Pages(1000 words)Assignment
Descriptive statistics/inferential statistics
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
2 Pages(500 words)Assignment
Statistics
In deed, my grasp of the content taught fascinated me. Overall, the course was very interesting. I found it motivating using the statistics disc to analyze data. My favorites were the MSL assignments, hypothesis testing, descriptive
1 Pages(250 words)Assignment
Statistics
The resulting grouped data was then subjected to statistical analysis. Manual calculations (using excel) based on formulas was done while excel analysis tool was also used to
1 Pages(250 words)Assignment
Statistics
lawed findings resulted to unscheduled drop in patients every day and corresponding occurrence of no-shows thus compromising the prevailing list that were mainly based on the patients scheduled on the past days. Print material is more credible than internet material because
2 Pages(500 words)Assignment
Language & Levels
Therefore, in my department performance and performance is contingent. Some of the key measurements that come to mind during the assessment of the deficiencies in the work force are communication. Without proper communication, the
3 Pages(750 words)Assignment
Statistics
The effect of income is not clear, given that higher income does not guarantee higher life expectancy and vice versa. In a nutshell, income slightly influences life expectancy, but might not be as a good predictor due to the
2 Pages(500 words)Assignment
Statistics
The mode, for example, is suitable for describing data on a nominal scale while for ordinal data; either the mode or the median should be used. The mean is however more suitable for variables on a ratio or interval scale (Hanna and
3 Pages(750 words)Assignment
Statistics for Managers Project wk3
The data is also easily analysed since the numbers are compared against past figures or with the industry as a whole to evaluate the strength of the company as a whole (Balakrishnan,
1 Pages(250 words)Assignment
Let us find you another Assignment on topic Statistics for Managers for FREE!
+16312120006