The Essentials of Studying Statistics
Introduction
Making effective business decisions are always based on cost, time and prospect. Calculating money cost, time cost and forecast of return, all are based on marketing research, data mining, information analysis and findings. The way of the finding the answer is statistics.
Statistics – The Method of Organizing Data
Broadly, statistics is a set of disciplines for study quantitative information. Implied that several methods used to collect or process or interpret quantitative data from large amount of information, then finally generate a calculated number, for example average, mean, standard deviation…etc. All of these are the key reference for decision making or predicting consequences. Thus, it enables us to estimate the extent of our errors.
Statistics was primely developed in 17th century. It was initially used in collecting population and recourses information of United States. But now, statistics is widely applied in various fields after hundred years of progress. Today, few professional activities are untouched by statistical thinking. However, only statistics itself cannot give any conclusions and findings. It is significant when complied with other subjects or studies resulted in numerous of different independent disciplines were developed, for example Environmental Health Statistics, Biostatistics and Economics Statistics, etc.
Beside scholars, many decisions that business managers make involve data and for analysing problems, describing policies and programs, monitoring progress, improving program operations and evaluating outcome. A new breed of number cruncher, Super Cruncher, analysed large amount of data and discover the correlation between them. Th...
... middle of paper ...
...ere: your mobile services, latest credit card offers and even the placement of products in supermarket.
Statistics enables us to organize and arrange a basket of data, to link up their relationships by using calculation and diagrams, to analyze the results, finally evaluate errors, generate conclusion from small group to large group. You can prove what you want by statistics, but it really sometimes lies by tricky stratified sampling, distorted graphs and dimness figures.
Reference
Evan M. Berman (2007). Essential Statistics for Public Managers and Policy Analysts. CQ Press.
Ian Ayres (2007). SUPER CRUNCHING Why thinking-by-numbers is the new way to be smart . A Bantam Book
Derek Rowntree (2004) Statistics Without Tears A primer for non-mathematicians. Person Education Inc.
Darrell Huff (1993) How To Lie With Statistics W.W. Norton & Company, Inc.
The final chapter of this book encourages people to be critical when taking in statistics. Someone taking a critical approach to statistics tries assessing statistics by asking questions and researching the origins of a statistic when that information is not provided. The book ends by encouraging readers to know the limitations of statistics and understand how statistics are
A researcher determines that 42.7% of all downtown office buildings have ventilation problems. Is this a statistic or a parameter; explain your answer.
n my eyes, statistics are everywhere. Basketball, for example, is a game of percentages and statistics. When I watch, I see numbers. Not the jerseys, but the stats behind each player, team, and game. If you asked me how last night's game went or how skilled I think a player is, I would answer in data. Statistics is how I interpret the world, especially basketball.
Slaght, J., Harben, P. & Pallant, A., (2010). English for academic study: Reading &Writing Source Book: What is statistics?. Garnet Publishing Ltd.: UK.
We define statistics as a branch of mathematics as a means to analyze, understand what we observe and explain synopses, so as to create sense and meaning of our explanations and observations. Each day in life we come across information that originates in various forms. This is to means in order to put sense in this information; there is the necessity to use statistics. Though, due to its empirical applications and focus, statistics is typically regarded as a distinctive math’s sciences and not only a math’s branch (Chance et al, 2005) Therefore, in certain tasks a statistician use is less mathematical; for example, ensuring that collection of data is carried out in a way that yields effective deductions, reportage of results/coding statistical data in ways logical to the users. Statistics is recognized to advance the quality of data by shaping specific survey experiment designs and samples. It provides tools used to forecast and utilize data as well as the models for statistics. Also, it’s pertinent in many hypothetical fields that comprise the government, business, social and natural disciplines.
This chapter taught me the importance of understanding statistical data and how to evaluate it with common sense. Almost everyday we are subjected to statistical data in newspapers and on TV. My usual reaction was to accept those statistics as being valid. Which I think is a fair assessment for most people. However, reading this chapter opens my eyes to the fact that statistical data can be very misleading. It shows how data can be skewed to support a certain group’s agenda. Although most statistical data presented may not seem to affect us personally in our daily lives, it can however have an impact. For example, statistics can influence the way people vote on certain issues.
Making business decisions involves choosing between alternative courses of action. Many factors affect business decisions, yet analysis typically focuses on finding the alternative that offers the highest return on investment or the greatest reduction in costs. Some decisions are based on little more than an intuitive understanding of the situation because available information is too limited to allow a more systematic analysis. In other cases, intangible factors such as convenience, prestige, and environmental considerations are more important than strictly quantitative factors. In all situations, managers can reach a sounder decision if they identify the consequences of alternative choices in financial terms. This unit
Quantitative and qualitative data are the two huge types of statistical data.We can make use of choosing both methods one after another, economic or time moderation may not accept us to opt for both. In such situation, comparison between the both can help in making choice.
For example biostatistics helps us to calculate age-adjusted cancer incidence rates to determine trends over time and locality, to compute statistical measures of the risk of developing brain tumors following cell phone use after adjusting for possible confounding variables, to quantify the relationship between
For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications abilities the world over. Which, in turn ,has increased the need for data products. Indeed, the Data Scientist profession is emerging to be one of the better-paying professions due to the urgent need of their labor. This paper is going to discuss what business intelligence is all about and explain data science that is usually confused to be similar to business intelligence. I will tackle a brief overview of data scientists and their role in organizations.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
The business always develops due to investments and the correct most accurate analysis is an integral part of any initiative. Any initiative should be studied by financial analysts, correctly predicted in terms of financial investments and beneficiaries, tracked at various times, studied , changed on time, if necessary. Success of investments depends From financial analysis, it helps to protect the business from financial losses and predict cash flow and return of investment.
Prior to the start of the Information Age in the late 20th century, businesses had to collect data from non-automated sources. Businesses then lacked the computing resources necessary to properly analyze the data, and as a result, companies often made business d...
Whether or not people notice the importance of statistics, people is using them in their everyday life. Statistics have been more and more important for different cohorts of people from a farmer to an academician and a politician. For example, Cambodian famers produce an average of three tons or rice per hectare, about eighty per cent of Cambodian population is a farmer, at least two million people support party A, and so on. According to the University of Melbourne, statistics are about to make conclusive estimates about the present or to predict the future (The University of Melbourne, 2009). Because of their significance, statistics are used for different purposes. Statistics are not always trustable, yet they depend on their reliable factors such as sample, data collection methods and sources of data. This essay will discuss how people can use statistics to present facts or to delude others. Then, it will discuss some of the criteria for a reliable statistic interpretation.
Some decisions prove to be vital and any miscalculation that may be involved may prove dire for the individual or the organization. In identifying the criterion to use while evaluating different decisions, many factors pertaining the structure should be considered. The pros and cons of every decision made should be evaluated to ensure that the option chosen has the most positive effect on the individual and the organization. Some of the activities that may require keen decision making include project development, finance and operations. With the knowledge attained it will be easier to cope with tough decisions that may come up in my career. Decision making models may be generated to give an in depth view to the problem and also provide critical analysis ability. It is also vital noting that for those in managerial positions, they face a bigger task in decision making. A good understanding of the business function and structure will provide an in depth knowhow to those that have studied the