Statistics in Business

Statistics provides us with very useful tools and techniques that aide us in dealing with real world scenarios. I have been able to learn several useful concepts by studying statistics that can aide me in making rational and informed decisions that are supported by the analysis results. Statistics as a discipline is the application and development of various processes put in place to gather, interpret, and analyse the information. The quantification of biological, social, and scientific phenomenons, design and analysis of experiments and surveys, and application of

(e) Is there a significant relationship between the selling price and the assessed value of the house? Use 5 % level of significance.

• Provide at least two examples or problem situations in which statistics was used or could be used.

b. Ordinal: This is a measurement that represent the order of a particular stat. A good example of this would the placement in a contest, 1st, 2nd, and 3rd.

The purpose of this case is to determine which key variables drive Crusty Pizza Restaurant’s monthly profit and then forecast what the monthly profit would be for potential stores. Based off of this information we will be able to make a recommendation to Crusty Dough Pizza Restaurant on which stores they should open and which they avoid. The group was provided 60 restaurants’ data that included monthly profit, student population, advertising expenditures, parking spots, population within 20 miles, pizza varieties, and competitors within 15 miles. For the potential stores we were given all of this

To view the research on a ratio scale, the research data can be drawn from the actual number average of the grades within the class for each student as well. Once the correlation is made on grade average/student

Determine which level of measurement— nominal, ordinal, interval, or ratio—is used in the following examples.

Variable Body Style is qualitative, variable Weight is continuous, variable Number of Seats is discrete

When we look around us, we may not recognize that statistics is all around. Before I began to take this course “Statistics for Managers” I was not aware of how statistics actually worked. The first idea that came to my mind about statistics was probability. Not knowing statistics and probability are related because they both determine a possible outcome. Throughout this course I have learned what statistics is and how it works. In this paper, I will describe descriptive and inferential statistics, hypothesis developing and testing, the selection of statistical tests, and how to evaluate statistical results in analyzing data.

Statistics involves framing questions in a context, then collecting and analyzing data for interpretation. Probability is about chance and fairness with assigned values. Many mathematics instructors teach this discipline in a procedural manner, causing students to miss its essence.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Use the given degree of confidence and sample data to construct a confidence interval for the population proportion. 1) Of 346 items tested, 12 are found to be defective. Construct a 98% confidence interval for the percentage of all such items that are defective. A) (3.34%, 3.59%) B) (1.18%, 5.76%) C) (1.85%, 5.09%) D) (0.93%, 6.00%) E) (0.13%, 6.80%) 2) Of 81 adults selected randomly from one town, 64 have health insurance. Construct a 90% confidence interval for the percentage of all adults in the town who have health insurance. A) (71.6%, 86.5%) B) (67.4%, 90.7%) C) (70.1%, 87.9%) D)

22) _Validity____ is the extent to which a measurement tool actually measures what we wish to measure.

Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation, and presentation of data. It is applicable to a wide variety of academic disciplines, from the physical and social sciences to the humanities. Statistics are also used for making informed decisions – and misused for other reasons – in all areas of business and government. Statistical methods can be used to summarize or describe a collection of data; this is called descriptive statistics. In addition, patterns in the data may be modeled in a way that accounts for randomness and uncertainty in the observations, and then used to draw inferences about the process or population being studied; this is called inferential statistics. Both

So while I never want to take a statistics course, and while statistics scientifically involves so many numbers and mathematical principles, I am now interested in seeing how statistics is different from what everyone has said. It is wonderful to think that everyone can be connected through these

Scales of measurement defines a framework wherein numbers are assigned to objects based on a set of rules (Thorndike & Thorndike-Christ, 2009). These authors presented four different types of scales of measurement as ordinal, nominal, ratio and interval.