Free

Business statistics - Essay Example

Comments (0) Cite this document
Summary
 Organizations look at results in many ways: expenses, quality levels, efficiencies, time, costs, etc. What measures does your department keep track of? Are they descriptive or inferential data, and what is the…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.1% of users find it useful
Business statistics
Read TextPreview

Extract of sample "Business statistics"

Lecturer: Business Statistics “Numbers and measurements are the language of business.  Organizations look at results in many ways: expenses, quality levels, efficiencies, time, costs, etc. What measures does your department keep track of? Are they descriptive or inferential data, and what is the difference between these?  (Note: If you do not have a job where measures are available to you, ask someone you know for some examples, or conduct outside research on an interest of yours, or use personal measures.)”
The paper will explore the above questions in detail. First measurements and numbers are business language. This is given that Professionals and Managers frequently are attentive to their measures level like mode, sums, and means. This is a way of communicating of the measure level and numbers use.
In comparing of descriptive and inferential data, the two define the data variation in terms of the probability or dispersion distributions/patterns describing the data. This is where both rely on the same set of data. The only difference between the 2 is that inferential data aims to draw general conclusions about a big population (Richard, 69). This way its clear organizations look at results in many ways: quality, time, expenses etc.
The dispersion learnt earlier helps to recognize the data information being tracked/measured. In order to decide of results and outcomes, we ought to understand the data variation or consistency (Richard, 44). This means data variation results to dissimilar results understanding.
Descriptive statistics method of calculating data is for instance, function of Excel Analysis ToolPak function which produce salary data that is descriptive in statistics. The example of calculations in statistics is the Employee Salary Data set.
In research, we categorize the collected data by the GEN1 (G variable) for females and males and then get each gender average and standard deviation for these variables in terms of age or other quantity measure (Richard, 78). It is possible to use for one gender descriptive and the functions of FX for (MEAN and STANDARD DEVIATION) for the other.
The paper has looked at the numbers and measurement as well as descriptive and inferential data as a way of analyzing data collected. This way the paper has discussed how inferential data differs from the descriptive data where as seen, inferential depend on the data to draw general perspective of big populations. Lastly, the paper has viewed some research application of descriptive data in contrast to inferential data.
Work Cited
Richard, Chand. Statistics methods and analysis. : Belmont: C.A.2009. Print Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business statistics Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Business statistics Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/statistics/1665845-business-statistics
(Business Statistics Essay Example | Topics and Well Written Essays - 250 Words)
Business Statistics Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/statistics/1665845-business-statistics.
“Business Statistics Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/statistics/1665845-business-statistics.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Business statistics

Business Statistics

...to simplify interpretation 12. click descriptives 13. Select Coefficients 14. Select KMO and Bartlett's Test of Sphericity 15. Click Continue & OK KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .497 Bartlett's Test of Sphericity Approx. Chi-Square 14.312 df 6 Sig. .026 KMO and Bartlett's Test helps in determining whether it is appropriate to apply Factor Analysis and Principal Component Analysis to the given data set. The value of KMO should be greater than 0.5. Here the value is almost 0.5 and it may be appropriate to apply Principal Component Analysis to this data. Further the Chi-Square statistic is 14.312 with 6 degrees of freedom which is significant at 5 % level of...
6 Pages(1500 words)Essay

Business Statistics

...With fluctuating fuel prices causing a major concern, there arises a need to understand the impact of fuel costs in the future. This report studies the state by state average fuel prices of unleaded regular, premium gasoline and diesel in the United States using statistical tools. More focus has been given to the Colorado state. The histogram (Fig. 1) of the state by state average fuel prices for regular unleaded gasoline1 shows that among the 51 states, a large number of states had the average fuel price around $1.7 to $2. Table 1 shows that the mean of the data set is $1.8916 with a standard deviation of $0.1828. Nearly 17 states had $1.8 as their average fuel price. But the coefficient of variation is obtained as...
2 Pages(500 words)Essay

Business Statistics

...Business Statistics The paper says that business statistics plays an important role in the decision making process of the business mangers. It allows them to convert raw data into more presentable and understandable form. The paper also says that linear regression, descriptive statistics and correlation coefficient are important tools for all managers to make the best possible decisions in this global world including investments, quality maintenance, cash flow management, forecasting and controls. Introduction The paper will talk about the business statistics as a discipline that helps the managers...
6 Pages(1500 words)Term Paper

Business Statistics

...Business Statistics – Correlation and Regression I. Introduction a. Correlation and regression have applications in various fields and business management is no exception. b. Regression, which identifies the numeric connection between the variables, is discussed in detail along with the method to formulate a straight line regression equation using the Least Squares method c. Hence the method to compute the coefficient of determination which gives a numeric value of the goodness of fit is included in the report II. Correlation refers to the degree of association between two variables. When two variables are said to be correlated, it indicates that there is a relationship or a pattern in...
2 Pages(500 words)Term Paper

Business Statistics

... with the organizations managers’ while public interviews with other business organization workers. Finally, I will conduct personal observation through observing the progress of all companies that conduct advertisement and those that do not. Statistical techniques used I will apply multistage sampling technique because it will enable me in collecting large amount of data representing all the companies that advertise their products and those that do not. I will randomly choose the companies that my research will base on all over U.S hence balancing and getting accurate results of my study. Work Cited Tellis, Gerard. Effective Advertising: Understanding When, How, and Why Advertising Works. Thousand Oaks, CA: Sage, 2004. Print.... Task:...
2 Pages(500 words)Statistics Project

Business Statistics

...Introduction Globalization has resulted to the shrinking of the market, which has become accessible by individuals worldwide. Consequently, this has generated competition in the business sector hence bringing competition. Furthermore, for business entities to survive in highly competitive areas, in the market, a need to boost organizations’ products and services arises. Advertisement refers to a system of communication that dissimilar organizations use in encouraging and conversing with people to support or buy their goods and services. In addition, advertising strategy refers to an operation that an organization conducts to converse information concerning services and products to potential customers in...
8 Pages(2000 words)Essay

Business statistics

...The paper discusses the importance of utilizing statistical tools and thinking in a business environment. These tools have to be applied in all levels of the organization in order for it to be fully adaptable to the turbulent environment and decision making in uncertain conditions. The business process involves making predictions about the given population parameters through numerical observation of sample elements. The degree of accuracy by which the results of sample can be extended toward a population is increased by taking random samples and a large sample size. Population variation and mean are the true measurements while the sample statistics are estimates of these...
7 Pages(1750 words)Essay

Business statistics

...for the logged data From the data of unlogged the kurtosis and skewness is calculated according to following formula respectively. Use of Kurt in statistic formula and skew Skew = -0.33589 Kurt = 0.018428 Since from above data the gotten skewness is negative it shows that the left tail is longer. Since the kurtosis is positive, the curve is said to be relatively flat. Form the above data, we can still display ogive of the data. Bin Frequency Cumulative...Here we need to forecast the relevant future trends. .From the above knowledge, critical values, p values, and test statistic cannot be calculated without enough knowledge leading to formation of two data sample to be compared. To form data on logged tree fro...
4 Pages(1000 words)Essay

Business statistics

...Business Statistics Executive Summary This paper tries to explore the diverse statistical measures employing the sample data drawn randomly of sample size 33. The subject of interest is to test is the difference in intelligence among the male and female students. In order to make sure the randomness of the sample drawn, the student names were collected from each department and then using the random number sample was drawn. Since the data involved didn’t require any survey procedure, the databases were used to gather data. The data generated was then tabulated on the MS Excel 2007 and further analysis was done using the data analysis ribbon of MS Excel 2007. In order to test the...
10 Pages(2500 words)Statistics Project

Business Statistics

...Lecturer Essay # Quality management Quality management is important for business because it helps ensure that the products and services are consistent and meet the demands of the customers. First, through quality management, businesses are able to understand and respond to the present and future customer needs, which in turn lead to increases in revenues. The loyalty of the customers is improved, thereby enhancing customer retention. Secondly, the top leadership of the business is able to formulate unified goals and objectives that promote a culture of togetherness and purpose within the organization (Knowles, 28). All activities within the business will be evaluated and...
1 Pages(250 words)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 Essay on topic Business statistics for FREE!

Contact Us