Statistics
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1. Now is there any way you personally use statistics not related to business. For example when driving somewhere do you ever estimate the time it will take (and possibly include a plus or minus value)?
2. What is the definition of the statistical term variance?
3. "Descriptive statistics is concerned with summarizing data collected from past events."
Inferential statistics is computing the chance that something will occur in the future. Statistical inference deals with conclusions about a population based on a sample taken from that population. Can you give us an example from your business or work area?
4. In your own words what is the importance of Bayes Theorem to business, science, and us? In other words why should we care?
5. What are the most important concepts of descriptive statistics and probability distributions?
What would you recommend to your management/leadership based on descriptive statistics and probability distributions?
How will descriptive statistics and probability distributions impact you personally and professionally?
What is the value-added from descriptive statistics and probability distributions or what difference can these concepts make to your organization? (e.g., financial savings, productivity improvements, expanded marketing activities).
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Solution Summary
This solution discussed variancs, inferential statistics and probability.
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1. Now is there any way you personally use statistics not related to business. For example when driving somewhere do you ever estimate the time it will take (and possibly include a plus or minus value)?
I do not use statistics outside of the business setting, unless I am doing a research paper for my doctorate. This is because I have no desire to use it daily because of the complexity of the math problems involved as well as all the different programs that are available for it. When I am driving somewhere, I do time each direction precisely, but this is dependent upon if I am travelling from one city to another; otherwise, I would not do this because many would think that I am boring and have no life. I prefer to use statistics at my own leisure, rather than all the time, unless I am asked to do so on a regular basis from family or friends wanting help with their own homework. As I have said earlier, this is up to me on whether or not I would do statistics, and most of the time I do not want do math because it is not always a strength.
2. What is the definition of the statistical term variance?
Variance means that probability is used as a parameter in which to distribute numbers out in order that the population is theorized.
3. "Descriptive ...
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