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Reflection - Essay Example

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In modern times, it has numerous applications in personal or community solutions. The paper explores how it is applied in our daily life or how it can help us in our planning processes to better our…
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Reflection
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Download file to see previous pages Though simple but it is an interesting calculation that gives a fair idea of my performance in the class whether I stand below or above average. The term ‘average’ has its own limitation to inform the correct information. That is where median comes to rescue. Per capita average income of a population is good first hand information; however, it is a median income that gives more precise information about half of the population that is below or above certain income levels. While per capita income misguides about the country’s poverty spread, the income distribution data flashes more clarity giving an insight which state, race, gender, or community needs more state help to reduce the prevailing disparity in incomes.
Statistics can be applied to extensive uses in the modern times. Businesses forecast their sales and profit figures using regression models based on the past data. Investigative agencies nab the criminals based on the past statistical data of crime or pattern in the specific area. Drug companies estimate success rate of their newly derived flu shots for its effectiveness from the carefully chosen sampling data across the population of the ...Download file to see next pagesRead More
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