A sample is a subset or portion of a population. Sample should represent the population with fewer but sufficient number of items. One Population can have several samples with different sizes. A small portion or part taken from something whether it’s a particular race, inhabitants, data, or items to show or to be the representative of the whole. Its significance to statistics are fairly similar to its original meaning. It is a slice of all of its characteristics. In researching and gatherings info it would be costly and very impractical to work on the whole rather than just a sampling of the whole. A New York newspaper reported the average gasoline prices in four metropolitan areas and used a bar chart to illustrate the differences. What type of statistics was shown? What activities did the newspaper use to make the report? I believed that descriptive statistics are shown in this example. This is used to describe basic features of the data in a study. They provide simple summaries about the sample and the measures. Together with simple graphics analysis, they form the basis of virtually every quantitative analysis of data.
The statistics shown in this example were collecting data, margining the data, and presenting the data. This helps us to simplify large amounts of data in a sensible way by reducing large amounts of data. This is important to allow your data to be understood in a short period of time. 3. Research a management or marketing article/news/publication that writes about a topic founded on the use of statistics. Evaluate the information according to the following questions and directions. Determine whether the existing information is adequate or additional information is required to support the topic.
In the article that I found the information is adequate and no additional Is the presentation of statistics misleading in the context of the topic? The article was to the point and the context was not misleading to the topic. Was statistics used only as numerical information or the framework for decision-making? The statistics were more of the frame work for decision making. By giving all the statistical data on preparing and strategy plan. Allowing the ability to utilize the statistical data. Ramekin, introduced to articulate discussions of sense-making, knowledge management and organizational learning, has much to offer discussion of statistical inference and decision analysis. I explore its value, particularly in its ability to help recognize which analytic and modeling methodologies are most likely to offer appropriate support in a given context. The framework also offers a further perspective on the relationship between scenario thinking and decision analysis in supporting decision makers. Was the information summarized in a useful and informative manner?
The information was summarized in a useful and informative manner. It was well placed and gave more than enough information on the subject. We show that social scientists often do not take full advantage of the information available in their statistical results and thus missed opportunities to present quantities that could shed the greatest light on their research questions. In this article we suggest an approach, built on the technique of statistical simulation, to extract the currently overlooked information and present it in a reader-friendly manner.
More specifically, we show how to convert the raw results of any statistical procedure into expressions that conveys numerically precise estimates of the quantities of greatest substantive interest, and include reasonable measures of uncertainty about those estimates, and squired little specialized knowledge to understand. Analyze and draw your own observations/inferences/conclusions about the information presented based on information you have learned from this module. The statistical technique uses outlined below are very powerful analysis tools but they require a good statistical sample to be effective.
These analysis techniques are not generally attempted on data sets with less than 20 wells. Statistically based water saturations give an interpretation of the apparent fluid content of a formation independent of Raw, ‘m’ and volume of shale. An apparent total water saturation is derived as well as an apparent irreducible water saturation. This is a very powerful analysis tool but requires a good statistical sample of both wet and hydrocarbon bearing intervals to be most successful. This analysis is not generally attempted on data sets with less than 20 wells.
PART II: CASE STUDY The topic that best catches my interest is E-Business and Wealth. Business conducted online is steadily growing as more companies are creating an online presence, while many new companies are popping up fully online. These e-businesses, like all business, must decide the best ways to generate wealth and value within their given parameters, namely the Internet, as opposed to physical dealings. And can involve the ways that e-businesses generate wealth and value and how those ways differ from traditional businesses before the Internet boom.
It can suggest whether or not e- businesses have any advantages or disadvantages and then suggest whether or not businesses without an Internet presence should make one. Surveying both large and small businesses from around the world will help this thesis earner an international, well-rounded perspective. Descriptive statistics aim to describe the prominent features within a collection of data quantitatively. It summarizes a collection of data as a description rather than using the data to learn about the field in which the data represents.
Generally, descriptive statistics are always used, even when the main conclusions from the data’s analysis are gained by use of inferential statistics. Inferential statistics is the given title of a process of gaining knowledge from a set of data that are subject to random change or variation. Such data sets would render a descriptive statistic meaningless as the data changes in an unpredictable way. Therefore no knowledge would be gained about the subject that the data represents. The outcome to such a statistical method may be a prediction that can then be used to ensure practical action to be taken.
I never before had really thought about statistics and really didn’t know how important it was for businesses. Statistics is a branch of applied mathematics that collects and organizes data to interpret and predict future behavior or results. Almost every business uses statistics, including insurance, consumer products, retail, heuristically and even the federal government. Statistics are important for a number of reasons and can be used for various purposes. Research can be used to make decisions for marketing or financial allocations or deciding whether to consolidate or close the business.
Gathering and analyzing the data to reach concrete conclusions about the current and future conditions that your business will face is paramount. Critical decisions need to be based on research because of the impact these decisions have on other people and other businesses. The government uses statistics to measure ongoing economic indicators that greatly affect business and industry. Companies can use statistics to measure market share and market potential, the percent of the market they hold in dollars, and the total amount of dollars and units sold in their industries.
Statistics are a core component of marketing research techniques. Companies use marketing research agencies to conduct quantitative research with consumers to evaluate new and existing products. Statistics help companies develop sales forecasts one, two and even five years into the future. Companies can then modify or improve their products, ire additional sales reps and put the necessary resources in place to meet these targets. Sales forecasting statistics are also a useful tool in business and marketing plan development.
Statistics help companies develop sales forecasts one, two and even five years into the future. Companies can then modify or improve their products, hire additional sales reps and put the necessary resources in place to meet these targets. Most all Of mankind’s endeavors have a random factor. Statistics is a way of putting numbers to that randomness. Business and research statistics is relevant to most areas of he business world. Statistics is important to business analysis in the fields of manufacturing, agriculture, pharmaceuticals, retail and in many others.
Statistics can point out relationships. A careful review of data can reveal links between two variables, such as specific sales offers and changes in revenue or dissatisfied customers and products purchased. Statistics provide the means to measure and control production processes to minimize variations, which lead to error or waste, and ensure consistency throughout the process. This saves money by reducing the materials used to make or remake reduces, as well as materials lost to overage and scrap, plus the cost of honoring warranties due to shipping defective products.