Qnt 351 Statistics in Business - Week 1 Individual Paper

Statistics in product line Susan Karr QNT/351 August 13, 2012 John Kwagyan Statistics in Business Numerical cultivation in general is commonly cognise as statistics (Lind, Marchal, & adenosine monophosphate; Wathen, 2011, p. 4). For example, the number of babies born in the United States in 2011 is a statistic. In a broader sense, statistics refers to the collecting, organizing, presenting, analyzing, and interpreting of info (Lind et al., 2011, p. 5). Statistics is an in-chief(postnominal) fragment of the decision-making process. To make the most effective decisions, accurate and utter(a) breeding must be compiled, assembled, and presented in a coiffure that arsehole be analyzed and interpreted. This is the role of statistics in the decision-making process. there be two types of statistics: descriptive and illative. Descriptive statistics present the compiled selective information. quarterly unemployment rank are descriptive statistics. Inferential statistic s present a deduction astir(predicate) a population based on a sample of that population (Lind et al., 2011, p. 7). For example, if a survey of the top terzetto auto insurers showed 70% of drivers involved in accidents were female, stating that 70% of totally accidents involve a female driver would be illative statistics. Every accident is not included in the survey.

The info is based on a sample (accident data from one-third insurers) of the population (all accidents) and statistics regarding the population are based on the sample, or inferred. The four levels of statistical measurement of data are nomina l, ordinal, interval, and property (Lind e! t al., 2011, p. 10). Nominal measurement provides the lowest level of information well-nigh the data. Nominal data is divided into categories, or results, not in any specific order. For example, the information obtained from a survey of go on an employment application with choices such as Caucasian, Asian, Hispanic, cardinal American, etc. would provide nominal data. At the next level, ordinal, the data can be ranked. Level of education...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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