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Learning outcomes of Statistics for Managers - Research Paper Example

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In this discipline, statistics is mainly concerned with various ways of collecting data. Some of this ways include, predicting the future or estimating the present, designing experiments and other data collection, drawing…
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Learning outcomes of Statistics for Managers
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Download file to see previous pages It is important for people to put statistics in practice even if they do not understand statistical methods well (Anderson, Sweeney & Williams, 2011).
Descriptive statistics are numbers that are used to explore data in a more meaningful way such that a person can understand the data with no need of explanation. In descriptive, data more explained in such a way that images or patterns may emerge from the data presented. This helps those that cannot read and understand what the data means to study the image or patterns well so that they can be able to understand the data well. Descriptive statistic is of more importance if the data was to presented in a raw data it could be difficult for some of us to understand the data especially if one has a lot of data to go through. According to Leblanc (2004), descriptive statistics enables people to present their data in a more meaningful way for easy interpretation of the data. For example, a certain number of students in school sit for an exam then their teacher want to take the overall performance of those students. He or she will have to apply descriptive statistics to get the overall of his or her students.
Inferential statistics is more concerned in making inference or predictions of a give population through analyses and observation of the sample. In inferential statistics the data is generalized together as opposed to descriptive statistics where data is more interpreted in a meaningful way. As such, analysts can take the results obtained from an analysis using a study sample, and then generalize this information for use in the larger population represented by the sample. Silverman (1986), argues that it is imperative to use a representative sample of the group being generalized in order to achieve this fete effectively. Some of the key tests of significance considered under the issue of generalization include a T-test or a Chi-square, which explores the probability of the results ...Download file to see next pagesRead More
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