Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Statistics and Probability in Business - Dissertation Example

Comments (0) Cite this document
The research paper “Statistics and Probability in Business” seeks to evaluate statistics and probability, which provides many useful tools for extracting useful information from the myriad set of data and thus helps in making informed business decisions…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.3% of users find it useful
Statistics and Probability in Business
Read TextPreview

Extract of sample "Statistics and Probability in Business"

Download file to see previous pages Handy Hydraulic Industries is doing well after many changes in the corporate and operating structure. However, the managers know that one needs to excel to sustain in the current environment of cut-throat competition. For excellence, a business needs to evolve and execute a multipronged strategy targeting different aspects of performance and customer relationship. The aim is to become leaner on operating size to cut cost without compromising the expectations of customers. For this, the managers of business need to make informed decisions and the information has to be derived from nowhere but from the data relevant to the business. It is here that statistics and probability come to help them. Statistics is the branch of knowledge that processes data to discern hidden information, reveal patterns and extract executable results [1]. One can get a lot of information by simply arranging data in frequency and relative frequency tables [2]. One can get a good idea of central tendency and dispersion of the data set. The organized dataset can also be represented pictorially as histograms, line charts etc. It is said that a picture is worth a thousand words. This is because; even a person with common sense can see the patterns and trends in the data if the same is presented pictorially using the suitable chart. Besides, statistics provide different parameters like mean, median, mode etc. to measure central tendency of data [3, 4]. But knowing the merely central tendency of data is not good enough to describe a dataset; one needs to quantify the dispersion of the data points around the central value [5]. This is done by means of different parameters that quantify dispersion of data points around the mean like variance, standard deviation, the coefficient of variation etc.
After describing a data set comparing different data set is also important. For this one needs to compare the values of mean and standard deviation etc. Using these values one can calculate the value of suitable statistics and then this value is compared with the critical value of statistics for a given significance level. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(Statistics and Probability in Business Dissertation - 1, n.d.)
Statistics and Probability in Business Dissertation - 1. Retrieved from
(Statistics and Probability in Business Dissertation - 1)
Statistics and Probability in Business Dissertation - 1.
“Statistics and Probability in Business Dissertation - 1”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Statistics and Probability in Business


...TMA M343 02 QUESTION a) (i 2) (3) (ii) (iii) (iv 2) (3) (v) (b) K QUESTION 2 QUESTION 3 (a) A good example of a simple random walk with two reflecting barriers is the movement of an elevator in a 10 storey building. Once the elevator reaches the ground floor, it will have a 100% probability of going up, and when it reaches the 10th floor, it will have a 100% probability of going down. The elevator goes up and down at discrete intervals. Reflection at the barriers is represents the points when the elevator is at the ground and the 10th floors. (b) (i) 1. 2. (ii) 1. 2. (c) (d) QUESTION 4 (a) (i) COMMUNICATING CLASSES a. 1, 4, 5 - closed, recurrent, periodic (3) b. 3, 6 - not closed,...
3 Pages(750 words)Math Problem


...Be sure to show your work so that partial credit may be awarded. To receive full credit, work must be shown if applicable. Section 3 Basic Concepts of Probability and Counting 1. Lock combinations are made by using 4 digits. How many different lock combinations can be made if repetition of digits is allowed? Each place in the 4 digit number can be occupied by any of the 10 digits. Hence by the multiplication theorem of probability, we get No of different combinations = 10 × 10 × 10 × 10 = 10000 combinations 2. In 2001 the stock market took some big swings up and down. One thousand investors were asked how often they tracked their investments. The table below shows their responses. What is the...
2 Pages(500 words)Statistics Project

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


...What are the Historical facts Behind the Development of Probability and Distribution? Introduction Statistics is the field that is concerned with investigation, summarizing and inferring from facts relating to complex systems. History shows that various statistical tools such as probability and distribution methods were developed around the sixteenth century. The time period when these marvelous mechanisms were established was the scientific revolution. Some efforts regarding probability were also made in the 15th century in the context of dice throwing but the finished and established version came to light only in the sixteenth century (Aldrich,...
6 Pages(1500 words)Essay


...PROBABILITY Explain your strategy for solving the problem I will not call my opponents bet by tossing the rest of my money because in playing cards winning lies on probability. I would continue with my two down cards 6 of (diamonds) & 7 of (diamonds) bearing in mind that they will come up. Explain why your strategy will work. Probability does not always occur twice, so there is no need for quitting. My strategy therefore largely lies on probability. Probability is always related to gambling because if at all one of the down cards does not show up there is a high possibility that they will come up in the next play (Bassarear 2011). Execute your strategy showing your mathematical work. So am having the values diamonds=6, 7... = the...
1 Pages(250 words)Speech or Presentation


...Task A A is looking for the best option in purchasing school supplies. Company A is offering a discount of 10% for every dollar amount spent;Company B is offering a higher discount of 20%, but the discount is only applicable after a $20minimum is spent on supplies. The student is looking for the company that will save her the most amount of money overall. Given that she is on a fixed income it will be important for her to receive the highest amount of savings when she purchases school supplies. It needs to be determined which company would save the student the most amount of money. There are two options for the student to consider: Firstoption is to purchase from company A, assuming it offers a discount of 10% on each dollar... A A is...
1 Pages(250 words)Essay

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

Regression/ANOVA (probability and statistics)

...of significance and conclude that there is no correlation between the scores of the countries when playing home and away. Although there is supposed to be a correlation between home and away scores, it must be realized that home advantage every team every differently. A third test on the correlation between the interaction of the sum of score of different countries yields similar results. From this test, a p-value of 0.623 and F-tabulated value 0.757 are obtained. Based on these values, there is enough evidence to reject H0 at 95% level of significance and conclude that there is no correlation between the interaction of the sum of score of different countries yields similar results. There could have been some interaction as each country...
2 Pages(500 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


...Richard T. Andrias 22 12 Rolando T. Acosta 29 9 Darcel D. Clark 39 2 Figure 10: Overall Ranking of the judges From figure 10, Judge David is the leading judge followed by Angela and then Peter. On the same note, Karla is the least performing Judge followed by Leslie. In conclusion, this investigation has revealed that in the Court of Common Appeal Judge Sallie is the best performing Judge followed Judge Judith. However, Judge Angela comes in last in the overall ranking. On the other hand on the municipal category Judge Leslie is the best performing judge while Judge Edward is the least performing Judge overall. Finally, in the Municipal Courts Judge Angela is seen to be the one carrying out her duties diligently making her the best...
8 Pages(2000 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 Dissertation on topic Statistics and Probability in Business for FREE!

Contact Us